The Mint reported that to bid for gold and copper mines in Afghanistan, Steel Authority of India Limited and Hindustan Copper Limited are in talks to form a consortium with Aditya Birla Group and Jindal Steel and Power Limited.

Top executives at the state run firms said that they have held one round of talks with officials of Aditya Birla and Jindal Steel and Power. The proposed group is also likely to include government owned National Aluminum Company and Mineral Exploration Corporation Limited.

Afghanistan has invited expressions of interest by March 9th 2012 for gold and copper deposits in 4 provinces spread across the country.

Mr Shakeel Ahmed CMD of Hindustan Copper said that “We have had a meeting about 15 days ago and soon we will finalize the consortium partners. With public sector companies, private companies have a comfort factor especially for big projects with long gestation periods.”

Mr Ahmed said that one of the reserves was close to Hajigak and infrastructure could be shared. We could bring the ore to India or we could sell it in the global market. For the exploration stage of two to three years, funds could come from the consortium. After that it could be a mix of internal approvals and debt much like the Hajigak project.

Mr VR Sharma deputy MD and CEO of steel business said that Jindal Steel and Power has been approached for the investment proposal. The company may not join the grouping as it wants to stay focused on iron ore, oil, coal, power and steel.

Mr CS Verma chairman of Steel Authority said that “We have won a big tender. The same type of consortium can work for copper and gold. The two projects can share the same infrastructure.”

(Sourced from www.livemint.com)