India’s JSW Steel project stalled from lack of iron-ore
KOLKATA (miningweekly.com) - The absence of iron-ore linkage has forced India’s JSW Steel to mothball its $6.43-billion, 10-million-ton-a-year steel project in the east province of West Bengal.
According to a company official, the project had been stalled since there was no progress in securing iron-ore supply commitments, with the official saying that the project would not be stalled until a long-term iron-ore supply could be established for the steel mill, which included 1 600 MW captive power plant.
The provincial government of West Bengal had already provided other logistical and infrastructure requirements, including land, water resources and coal blocks for the project, which was announced in 2007.
JSW Steel had already spent around $184-million on preliminary construction work related to the project.
The country’s third-largest steel producer, which operates steel mills in the southern Indian province of Karnataka, was largely dependent in imported iron-ore, following a ban imposed on iron-ore mining in the province.
However, with the Indian Supreme Court partially lifting the ban on mining operations in Karnataka, domestic supply issues for the steel producer was expected to ease. In the meantime, JSW Steel was planning to bid for iron-ore blocks to be auctioned in the wake of the Court order earlier this month.
However, no information was available as to whether acquisition of such a block, if successful, could be linked to the steel producer’s West Bengal project.
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