JSPL likely to acquire West African iron ore mine

Jindal Steel and Power Ltd (JSPL) is expected to acquire an iron ore mine in West Africa soon. The company through its recent acquisition is expected to gain raw material for its recently commissioned steel plant in Oman and to sell the surplus in the open market.

The company is already in discussion with few countries like Cameron, Senegal and Nigeria for iron ore mine acquisition and plans to clinch a deal in the next three-four months, disclosed a senior company official. The deal is likely to be completely sealed by this July-September, and the mine is estimated to have at least 1 billion tonnes of reserves.

The company had earlier commissioned a 2 million tonne per annum (MTPA) steel plant in Oman. The unit’s installation had escalated the company’s total capacity to 7 MTPA. In addition, JSPL also has a 3 MTPA steel plant at Raigarh in Chhattisgarh and another 2 MTPA facility at Angul in Odisha.