The Mint reported that Monnet Ispat and Energy Ltd is in talks to form a new consortium led by Steel Authority of India Ltd to bid for copper and gold reserves in Afghanistan after a group headed by the state run steel maker won the rights to mine a major iron ore reserve in the country.

Mr Sandeep Jajodia executive vice CMD of Monnet Ispat in an interview said that “We have got a big mining and geological department. All we need to do is attach some copper and gold-specific people to it.”

Mr Jajodia said Monnet was still in an early stage of discussions and would take a call on joining the SAIL led consortium in a few days.

Mr Jajodia said that “Regarding Afghanistan as a country, we have already taken a decision. Now we have to decide if we want to enter copper and gold now or after a year.”

Mint had reported on 3 February that SAIL has already held a round of discussions with Aditya Birla Group and Jindal Steel and Power Ltd and is expected to formalize the consortium soon.

Afghanistan has invited expressions of interest by 9 March for gold and copper deposits in four provinces spread across the country, after awarding iron ore blocks in November, three of which were won by a SAIL led consortium in Hajigak in which Monnet Ispat was a partner along with five other Indian companies.

(Sourced from livemint.com)