JSW Steel Locks Up Substantial Iron Ore Reserves
02/18/2020 - JSW Steel has been officially declared the preferred bidder for more than a billion metric tons’ worth of iron ore reserves in India, the company said a stock exchange filing.
“The company will take all requisite steps as per the tender document to obtain a letter of intent, all statutory clearances, execute the mine development and production agreement, and start the mining operations,” the company told shareholders.
Winning the mineral rights from the Indian government is transformative for the company, JSW Group chairman Sajjan Jindal told The (India) Economic Times.
“This is a critical raw material, and we need to secure it. Because we never owned a mine and didn’t know where we were going to get ore from next, there was a huge amount of inefficiencies and additional costs in transportation and logistics. Now we have control over ore and an exact idea on how to move it from point A to B,” he told the newspaper.
