Jindal Steel and Power plans to spend USD 600 million in the current year on the development of steel units, a sponge iron plant and an iron ore pellet plant as part of an integrated facility in Bolivia.

Mr Naveen Jindal CMD of JSPL told PTI that the company expects to sign a gas supply agreement with the local government authorities by next month for its upcoming integrated facilities.

He said that "This year, our investments will be crossing over USD 600 million. This will be used for development of a pellet plant, DRI plant and steel making... All together.”

In 2007, Jindal Steel Bolivia a JSPL subsidiary had secured 40 year development rights to the El Mutun iron ore mine, which holds reserves of around 20 billion tonnes. The mines are considered to be one of the largest untapped iron ore deposits in the world.

The company also signed an agreement with the Bolivian government to set up an integrated 1.7 million tonnes per annum steel plant, a 6 million tonnes per annum sponge iron and a 10 million tonnes per annum iron ore pellet plant in the country at an investment of USD 2.1 billion.

(Sourced from ET)