PTI reported that Jindal Steel and Power said that it will start iron ore exports from Bolivia's El Mutun mines in next 2 to 3 months.

Mr Naveen Jindal vice chairman and MD of JSPL told reporters that "We will begin the exports in this calendar year... In next 2 to 3 months, it will begin in smaller quantity.”

Mr Jindal added that "The quantum of iron ore exports from the Bolivian mines will be raised step by step to 10 million tonne per annum, as part of the development plan."

Talking about the steel plant, he said that construction of the steel plant is on and it will be commissioned by 2014.

Considered as one of the world's single biggest iron ore deposits, the El Mutun mines has reserves of more than 40 billion tonne and in 2007, the JSPL had entered into an agreement with the Bolivian government for its development.

The agreement included construction of a 1.7 million tonne per annum steel plant, a 6 million tonne per annum sponge iron plant and 10 million tonne per annum iron ore pellet plant, along with a 40 year contract to mine about half of the reserves of El Mutun iron ore mines.

The entire project is estimated to get an investment of about USD 2.1 billion.

(Sourced from PTI)