India’s JSW Steel Limited and the Andhra Pradesh Mineral Development Corporation Limited (APMDCL), the mining arm of the government of Andhra Pradesh, have formed a joint venture for the development of the Konijedu Marlapadu Integrated Iron Ore Project in the state of Andhra Pradesh, a company statement said on Thursday, August 28.
The joint venture - APJSW Private Limited - will undertake a $122 million project to develop the project for mining of low-grade iron ore and a beneficiation plant for the production of 1.3 million mt per year of iron ore concentrates, the statement said.
JSW Steel Limited will hold a stake of 89 percent in the JV, while APMDCL will hold an 11 percent stake.
JSW Steel is expected to gain a cost advantage from sourcing iron ore concentrate from the project and reduce its reliance on imports, the statement added.