India’s Jindal Steel and Power Limited (JSPL) has taken over operations of the Venezuelan government-owned CVG Ferrominera Orinoco iron ore plants, industry sources in India said on Wednesday, March 27.
The sources said that currently JSPL is conducting inspections of the iron ore plants and has set a target of exporting 600,000 mt of iron ore pellets before the current year-end and will make an investment to the tune of $800,000 in upgrading some equipment at the plants.
Ferrominera’s annual installed capacity stands at 25,000 mt of iron ore, with proven reserves of 4.2 million mt. However, the plants have been operating below capacity due to years of underinvestment and a power crisis that began in 2009, which forced production cuts to conserve energy.
