JSW Steel acquires concessions in green field area

JSW Steel Ltd has announced acquisition of eight concessions in a green field area through its Netherlands based wholly owned subsidiary for exploration and exploitation of magnetite iron ore deposits in the region of Atacama in the North of Chile. These exploration mining concessions extend over an area of approximately 1200 hectares.

The Company took over these concessions for a total consideration of US $ 52 million.

The Company has been actively pursuing to augment captive sources of iron ore and coal both in India and overseas for its Indian steel making operations.

Mr. Sajjan Jindal commenting on this acquisition said "these mines are expected to have good quality magnetite iron ore deposits located near pacific coast facilitating shipment of ore at competitive cost. It acts as a natural hedge against high cost iron ore procured from third parties in India once these mines are operationalised".

He further added that he is negotiating to forge a joint venture to develop various iron ore mining projects in South America which he is hopeful of concluding in the near future.