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| JSPL to invest $20 mn to mine diamonds in Congo |
| Press Trust of India / New Delhi Feb 17, 2009, 14:33 IST |
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Jindal Steel and Power (JSPL), the diversified domestic steel producer, today said it will invest upto $20 million in next 12 months for diamond mining in Congo.
"We have got the licence to mine diamonds in Congo. We will be investing up to $20 million in an year's time for the purpose," JSPL whole-time Director Sushil Maroo told reporters on the sidelines of a conference here.
The Navin Jindal-led firm, with primary interests in the steel and power sector, also said it would start mining iron ore from its mines in Bolivia in the second half of the year.
"Production from Bolivia iron ore mines will start in another six months," he said.
JSPL secured the rights to mine the world's oldest Le Mutun iron ore reserves in the African country in 2006. The O P Jindal group firm has lined up an investment of $2.1 billion to set up steel making facilities as also developing the mines.
The steel producer, which is undertaking capacity expansion, said it would be able to ramp up its capacity by a million tonne in next 18 months.
"We will ramp up our production capacity to 2.6 mtpa from 1.6 mtpa in next 18 months," Maroo said, adding the firm aims to achieve an installed capacity of 3-mtpa in next one-and-a half year.
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