India-based Jindal Steel and Power (JSPL) will begin exporting iron ore from El Mutun mine in Bolivia in the coming months.
JSPL vice-chairman and managing director Naveen Jindal said the quantum of iron ore exports from the Bolivian mines will be raised step by step to ten million tons per annum, as part of the development plan.
In 2007, the firm entered into an agreement with the Bolivian Government for the development of the mine, which holds more than 40 billion tons of reserves.
Under the agreement, JSPL will mine about half of the reserves of the mine for a period of 40 years, along with construction of a 1.7 million tons per annum (MTPA) steel plant, a 6Mtpa sponge iron plant and 10Mtpa iron ore pellet plant.
The steel plant in under construction and will be commissioned by 2014.