India's Jindal Steel&Power (JSPL), one of the largest companies on the global metal and iron ore market, has shown interest in possible cooperation in the development of iron ore fields in Ukraine, reads a press release of the Ecology and Natural Resources Ministry of Ukraine.
The press release says that Minister Oleh Proskuriakov on January 31, 2013 held a working meeting with Jindal Steel&Power CEO Manish Kharbanda.
“The meeting intended to discuss the prospects for cooperation in research sphere: study the development of iron ore fields in Ukraine,” reads the document.
The press release says that Jindal Steel&Power is one of the world’s leaders on the metal, power and mining, oil and gas markets, and it is realizing projects in Asian, Adrican, South American countries, Australia, Georgia and Oman. JSPL is continually looking for new opportunities for growth thanks to expansion of its production facilities, diversification, investment portfolio, and is investing funds in new business projects. The metal direction is one of the key businesses of the company.
As reported, Jindal Steel&Power earlier showed interest in the development of one of the largest iron ore fields in the world – El Mutun in Bolivia. However, later Bolivia had to search for a new investor after conducting a study that showed the inefficiency of development of the field by Indian Jindal Steel&Power, which in 2007 obtained the right for a 50% stake in the project.
“They [Jindal Steel&Power] put us in a spot, as they did not invest the sum they had promised, and now they’re trying to avoid the audit using any excuse,” Mario Virreira, Bolivia’s minister of mines, said in July 2012.
