JSW mulls closing down iron ore mines in Chile

JSW Steel is evaluating the option of shutting its iron ore mines in Chile on the back of falling iron ore prices in the international market.
"As the international iron ore prices fell substantially in last 12 months, Santa Fe Mining (SFM) has been evaluating the option of taking temporary shutdown in May 2015," the company said in a communique to the exchanges.
The Sajjan Jindal-led company holds 70 per cent stake in SFM through its indirect Chilean subsidiary, Inversions Eurosh Limitada.
"SFM is also working on reducing costs to make mining operations viable," JSW also said in the filing.

JSW had entered into a joint venture with Chile's Minera Santa Fe in 2008 to develop iron ore mines and other projects in the Latin America.
Iron ore prices have nosedived to its near six-year low in recent times mainly because of subdued demand from China, the world's largest consumer of the key steel-making input.
Shares of JSW Steel Ltd today closed at Rs 952.55 per scrip, up 2.39 per cent from their previous close on the BSE.