The chairman of Indian steelmaker Ispat Industries (Ispat), Mr. Pramod Mittal, has expressed his company's intention to obtain stakes in iron ore and coking coal companies in Brazil, Columbia and Mozambique through the joint venture route.
Without providing additional details on the mines in question, Mr. Mittal stated that the Brazilian mines have iron ore reserves of 300-500 million mt, while the Colombia and Mozambique mines have coking coal deposits ranging from 60 to 70 million mt. Ispat will have proportional assess to the output at these mines in the planned JVs.
Apart from mining assets, Ispat intends to invest Rupees 32 billion (approx. $731 million) in setting up a coke plant, a pellet plant and a power plant. The projects will be implemented within two years.