Jindal Steel Plans Acquisition Of West African Mine

After buying Canadian coal firm CIC Energy, Jindal Steel & Power Limited is close to acquiring an iron ore mine in West Africa for $2 Bn, Bloomberg said.

The acquisition will help Jindal Steel secure deposits of around 1 Bn metric tons and include a building transport line.

Earlier the company had backed out from a $2.1 Bn contract to develop the El Mutun iron ore mines with the Bolivian government following some dispute.

The company already operates coal mines in South Africa and Mozambique.

In August it also hiked its stake in Gujarat NRE Coking Coal (GNCC) in Australia with an investment of R43 Cr. It had earlier acquired 9.25% stake in another Australian firm, Apollo Minerals Ltd. for R5.30 Cr.

With Karnataka and Goa, two of the country’s largest producing states, facing mining bans from the government and overall the country witnessing shifting dependence on imports of iron ore from exports also due to slowdown in prices, Indian steel firms are scouting for raw materials abroad.

NMDC was planning to acquire Mozambique asset belonging to Nagpur based Sunflag Iron and Steel Company.

International Coal Ventures was also planning to buy Washpool hard coking coal project in Australia from Aquila Resources.

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