SAIL and BHP to form joint venture mines
According to recent news in the market Indian steel producer Steel Authority of India Ltd (SAIL) and Australian mining giant BHP Billiton plan to form two joint ventures, one of which will be a coal mine in Australia and the other an iron ore mine in India. SAIL officials stated that through these joint ventures, SAIL's four plants; Bokaro, Durgapur, Bhilai and Rourkela will have stable source of coal and iron ore. As previously reported by SteelOrbis, certain plants of SAIL had to be closed temporarily in April due to shortage of coal. In iron ore mine joint venture, shares of both companies will probably be 50% and in coal mine joint venture, BHP will hold 80% stake and SAIL the remaining 20%. The details will be revealed later. The joint venture deals are expected to be finalized soon.