The joint venture agreement signed between the Bolivian Government and Jindal Steel & Power Ltd (JSPL) in late July for the development of the El Mutun iron ore mines and the construction of a steel plant in the country has received approval from the Bolivian Chamber of Deputies. This constitutes the first step in getting the green light from Bolivia's lawmakers for the company's biggest-ever overseas investment.
The joint venture project will now be sent to Bolivia's Senate after further details of the contract have been reviewed.