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Indian steel producer Jindal Steel and Power (JSPL) has been awarded five iron ore exploration contracts in Africa
The company secured the new contracts at the time when iron ore mining is banned in the home market, India.
JSPL managing director and chief executive Ravi Uppal told Indian business news daily Business Standard that JSPL has received mining licenses in Namibia, Gabon, Sierra Leone, Mauritania and South Africa.
“We have started accessing the exact number of reserves. It will take about 12-18 months to carry out the testing and finalise everything,” Uppal added.
The company said in a statement that the African contracts were part of the company’s aim to expand its focus on overseas business, primarily for the purpose of supply of raw materials as well as to reduce risk in prices.
JSPL’s global business, which currently contributes 15 per cent to the company’s total revenues, will be expected to increase to 20-25 per cent during the coming two years.