Jindal Steel & Power (JSPL) plans to invest $600m in the development of the El Mutun iron ore mines in Bolivia over the next six months.
The investment is part of the firm’s $2.1bn project, which will be fully commissioned over the next eight years.
In 2007, JSPL won the rights to develop the El Mutun iron ore mines for 40 years.
The project is being carried out by JSPL’s Bolivian subsidiary Jindal Bolivia (JBL).
The project also involves setting up a 1.7Mtpa steel plant, a 6Mtpa sponge iron plant, a 10Mtpa pellet plant, and a 450MW power project.
JSPL vice-chairman and head of global ventures Vikrant Gujral told Business Standard that the $600m investment will be made by April 2012.