ET reported that Jindal Steel and Power Ltd expects to garner about INR 765 crore in the current fiscal by selling iron ore from the Bolivian mine.

The mine started dispatches from July 1.

Mr Vikrant Gujral President of Jindal Steel Bolivia and VC of JSPL Group told PTI that "We have started dispatching iron ore from our Bolivia mine. In the remaining period of the current fiscal, we hope to sell around 1 million tonne iron ore. At the current price, this is around USD 170 million."

Mr Gujral said iron ore mined from El Mutun would be sold mainly to China, Middle East, European and South American countries.

He said that "The land has also been acquired."

Jindal Steel Bolivia a JSPL subsidiary had secured in 2007, 40 year development rights of El Mutun iron ore mine which has around 20 billion tonne reserves. El Mutun has the biggest iron ore deposits in the world.

JSPL is also setting 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 Bolivia with an investment of USD 2.1 billion.

Jindal's proposed outlay in Bolivia is so far the largest announced by any Indian company in South America and also the highest by a foreign firm on a single project in Bolivia.

(Sourced from Economic Times)