JSW Steel announced that its wholly owned subsidiary Inversiones Eurosh Limitada has entered into an agreement on 31 August 2022 for selling its 70% stake held in Santa Fe Mining and that JSW Steel proposes to liquidate the other subsidiaries relating to the Chile investments in due course. JSW Steel said “As the entire investments and investments made by the Company and loans extended by the Company in Chile have been fully provided for in the books of accounts in the previous years, there would be no impact on the financial results of the Company on account of this sale of SFM and liquidation of subsidiaries relating to Chile investments.”JSW Steel’s wholly owned subsidiary Inversiones Eurosh Limitada and its Joint Venture partner Compafiia Minera Santa Fe had formed a joint venture company Santa Fe Mining in Chile to develop iron ore deposits in the Atacama region of Chile. Inversiones Eurosh Limitada holds 70% equity interest in Santa Fe Mining. Inversiones Eurosh Limitada & Santa Fe Mining had leasehold rights to five iron ore mining projects in Chile. While the lease of Bellavista, which had been operationalized, was terminated in 2020-21 due to uncertainties arising post the COVID19 outbreak, in view of the then prevailing market conditions, iron ore mining in other mines was economically not viable and therefore, the entire amount of investments made by the company and loans extended by the Company in Chile was fully provided for in its books of accounts in the previous years.
JSW Steel announced that its wholly owned subsidiary Inversiones Eurosh Limitada has entered into an agreement on 31 August 2022 for selling its 70% stake held in Santa Fe Mining and that JSW Steel proposes to liquidate the other subsidiaries relating to the Chile investments in due course. JSW Steel said “As the entire investments and investments made by the Company and loans extended by the Company in Chile have been fully provided for in the books of accounts in the previous years, there would be no impact on the financial results of the Company on account of this sale of SFM and liquidation of subsidiaries relating to Chile investments.”JSW Steel’s wholly owned subsidiary Inversiones Eurosh Limitada and its Joint Venture partner Compafiia Minera Santa Fe had formed a joint venture company Santa Fe Mining in Chile to develop iron ore deposits in the Atacama region of Chile. Inversiones Eurosh Limitada holds 70% equity interest in Santa Fe Mining. Inversiones Eurosh Limitada & Santa Fe Mining had leasehold rights to five iron ore mining projects in Chile. While the lease of Bellavista, which had been operationalized, was terminated in 2020-21 due to uncertainties arising post the COVID19 outbreak, in view of the then prevailing market conditions, iron ore mining in other mines was economically not viable and therefore, the entire amount of investments made by the company and loans extended by the Company in Chile was fully provided for in its books of accounts in the previous years.
