Australia-based
iron ore developer NSL Consolidated (NSL) has announced that it has signed a US$12.2 million joint venture agreement with
India-based Vijay Group, according to which the parties will establish a strategic alliance that will focus on expanding NSL Consolidated's current
iron ore operations in the province of Andhra Pradesh in
India.
Within the scope of the joint venture, Vijay
Mining, a subsidiary of Vijay Group, will have an initial 40 percent stake in NSL
Mining Resources, the owner and operator of NSL's Indian assets.
According to NSL Consolidated, NSL and Vijay are targeting joint venture operations at an estimated 1.5 million mt per year of saleable
iron ore within two years, with the potential to increase this target further in the next four to five years.