Tata Steels Joint Venture in Ivory Coast for Mount Nimba Iron Ore

Tata Steel Ltd has announced that the Company and SODEMI sign a Joint Venture Agreement for Mount Nimba Iron Ore deposits in Ivory Coast, West Africa

In this regards the Company has issued following Press Release :

"Tata Steel Ltd and SODEMI (state owned Company for mineral development) on December 11, 2007 announced that they have entered into Joint Venture agreement (JVA) for the development of Mount Nimba Iron ore deposits in Ivory Coast (West Africa).

The JV was signed in presence of Mr. Monnet Emmanuel Leon, Hon Minister of Mines and Energy, Mr. Momy Guei, Chairman of SODEMI, Mr. Jean Likane, MD, SODEMI, Mr. B Muthuraman, MD, Tata Steel, Mr. A D Baijal, Vice President (Global Mineral Resources) Tata Steel and other officials from the Government of Ivory Coast and Tata Steel. The project will be implemented by a joint venture Company, wherein Tata Steel will have a major shareholding.

Mr. Monnet Emmanuel Leon, Hon Minister of Mines and Energy mentioned "Ivory Coast is very happy to have identified Tata Steel as its partner for this mega project in Iron Ore. It is a very major step towards development of the country and will improve lives of people in many ways. We are quite convinced that Tatas have the technical and financial capability along with the experience to undertake this project to its successful implementation". Mr. Jean Likane YAGUI, Managing Director of SODEMI said "Together with Tata Steel, we are writing a new chapter in the history of Ivory Coast today".

Mr. B Muthuraman, Managing Director, Tata Steel said, "Tata Steel is very pleased to have signed this Agreement. Tata Steel has vast experience of mining, spanning over several decades and will be introducing best practices for mining geology environment and project management. It is Tata's philosophy to participate and be a part of a country's development process and Tata Steel, through its well known social initiatives will make a positive impact on improving the quality of life of the people of Ivory Coast. We value our partnership with SODEMI and the Government of Ivory Coast and we are sure that this partnership will go from strength to strength in the years to come and help the Country gain its rightful position in the mining sector."

The initial phase will involve exploration and detailed feasibility assessments followed by construction of the mine and beneficiation facilities. The iron ore from this project will be supplied to Tata Steel Group facilities especially those located in the United Kingdom and Netherlands. The Mt Nimba deposit, spread over 3 countries - Liberia, Guinea and Ivory Coast, is one of the biggest in the West Africa."