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India's big bolivian iron ore project reaches flashpoint - China Flue Gas Desulfurization System by freezerpart free
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India's big bolivian iron ore project reaches flashpoint - China Flue Gas Desulfurization System by FREEZERPART FREE
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| Article Posted: 10/27/2013 |
| Article Views: 40 |
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India's big bolivian iron ore project reaches flashpoint - China Flue Gas Desulfurization System |
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Business,Business News,Business Opportunities
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Indian major Jindal Steel's ambitious Bolivian project to mine 20billion tonnes of iron ore has come asunder with the Boliviangovernment encashing the Indian firm's $18 million bank guaranteefor not meeting contractual terms. The Indian company has said thatthe Bolivian government reneged on its promise of natural gas, acrucial input into steel making. Jindal signed an investment agreement in 2007 for the $2.1 billionmining project. The Indian firm had scored a 40 year contract tomine the southeastern Mutun site near the Brazilian border, one ofthe richest iron ore deposits in the world, with estimated totalreserves of 40 billion tonnes. The plan was touted as one of the country's biggest industrialprojects.
It was due to be fully operational in 2014. However, for several months Jindal Steel and the Evo Morales-ledgovernment were at loggerheads over investment plans. The Indiangroup had been due to pay $600 million over two years, but onlypaid about 2% of that amount, prompting Bolivia to seize theguarantees. Bolivia was upset over the Indian firm's alleged failure to meetinvestment commitments in the huge iron ore mine. Jindal officialsclaimed that Bolivia did not uphold its part of the contract, whichinvolved the supply of natural gas to the mining site.
The Indianmanufacturer also filed a claim against Bolivia in theInternational Court of Arbitration. An official said the project involved mining and smelting 40billion tonnes of iron at Mutun on Bolivia's border with Brazil. InJuly 2011, the Indian company announced that its subsidiary, JindalSteel Bolivia, had started dispatching iron ore from its El-Mutunmines in Puerto Aguirre, a river port in Bolivia. The Indian firm had said that the iron ore would be transported todifferent destinations, including China, West Asia, European andSouth American countries.
The company also had plans to export upto 10 million tonnes of products such as concentrate, pellets andsteel upon completion of the project. Officials said work was suspended in March with the Indian companyinforming the government that it could not go ahead with its planswithout a commitment for gas supply. Reports indicated that Jindalneeded about 4.5 million cubic metres of gas per day for itsoperations but was offered only 2.5 million by the Bolivian stateowned gas firm, Yacimientos Petroliferos Fiscales Bolivianos Indian officials were also quoted as saying that talks were underway to scale down the plant given the shortfall of gas supply andthat they were eager to resolve the dispute since the companyalready had mined a million tonnes of iron ore. The company had plans to set up an integrated 1.7 million tonnesteel plant, a 6 million tonne sponge iron and a 10 million tonneiron ore pellet plant in Bolivia.
It was the largest investment byan Indian company in South America and also the largest investmentby a foreign company on a single project in Bolivia. SUBSCRIBE to Mineweb.com's free daily newsletter now. We are high quality suppliers, our products such as China Flue Gas Desulfurization System , China Power Distribution Cabinet for oversee buyer. To know more, please visits Unmanned Aerial Vehicle.
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