SAIL and BHP Billiton initiate talks for jv

SAIL and BHP Billiton initiate talks for jv

Indian steel producer Steel Authority of India Ltd (SAIL) and Australian mining company BHP Billiton have initiated talks for joint venture iron ore mining in India and coal mining in Indonesia and Australia. As previously reported by SteelOrbis, the two companies signed a memorandum of understanding (MoU) to develop iron ore mines in India as well as other countries. As a part of MoU, SAIL initiated talks with BHP Billiton to form joint venture mines in Indonesia and Australia. On the other hand, SAIL will have share in BHP Billiton's coal mines to ensure long-term supply of raw materials. However the amount of share has not been revealed. BHP Billiton officials welcomed SAIL's joint venture project.