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.