Rio Tinto India and Orissa Mining Corp (OMC) are planning to invest up to $2bn to develop three iron ore mines in Keonjhar district of the Indian state of Orissa.

Rio Tinto India is a joint venture (JV) in which Rio Tinto owns the majority stake, with 51%, and OMC and NMDC hold the remaining interest of 44% and 5% respectively.

The JV, which plans to sell iron ore to domestic steel firms, is expected to finalise the re-negotiated agreement with OMC over the coming months.

The company plans to mine 5-25Mtpa of iron ore, reports The Hindu Business Line.