Jindal Steel set to get mining license in Bolivia

May 23, 2008

May 23 (Myiris) – Jindal Steel & Power (JSPL) is all set to get mining license for 20-billion tons of iron ore deposits of El Mutun mine in Bolivia, reports Economic Times.

JSPL signed a contract with the Bolivian government last year in July to develop El Mutun, which is considered to be the world`s largest iron ore mine with reserves of 40-billion tons.

Jindal Steel Bolivia SA (JSB), a wholly owned subsidiary of JSPL, has already commenced exploration work and now awaiting for mining license.

Shares of the company declined Rs 33.9, or 1.38%, to end at Rs 2431.15. The total volume of shares traded was 129,551 at the BSE.

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