Reuters reported that Jindal Steel and Power will invest USD 280 million this year to start work on an iron ore and steel project in Bolivia that has been plagued by delays.

Mr Naveen Jindal MD of JSPL said that the USD 2.1 billion project is on track.

He told Reuters that “The investment plan establishes an investment of USD 280 million in the first year.”

He added that the plan also envisioned the first shipment of 1 million tonnes of iron ore from the site near the Brazilian border.

Under a 40 year contract, Jindal has the right to mine about half the El Mutun site, believed to contain one of the world's largest reserves of iron ore, though said to be of medium-grade quality.

The investment plan lays out total spending of USD 2.1 billion over an eight year period.

(Sourced from Reuters)