Indian steelmaker
JSW Steel has announced that, as international
iron ore prices have fallen substantially in the last 12 months, its
Chile-based subsidiary Santa Fe
Mining (SFM) has been evaluating the option of a temporary shutdown in May this year. Simultaneously, SFM is also working on reducing costs to make its
mining operations viable.
SFM holds rights to develop the
iron ore deposits in the Atacama region of
Chile.
JSW Steel holds a 70 percent stake in SFM through its indirect Chilean subsidiary Inversions Eurosh Limitada (IEL).