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Mining Weekly reported KIOCL Limited has undertaken negotiations to pick up equity stakes and gain access to iron-ore mines in Mauritania.
Mining Weekly reported KIOCL Limited has undertaken negotiations to pick up equity stakes and gain access to iron-ore mines in Mauritania.
As quoted in the market news,
KIOCL, formerly known as Kudremukh Iron Ore Company, has initiated negotiations with Curve Capital Ventures, a private equity investor that has a controlling interests in an iron-ore mine in Mauritania. Although the reserves of the mine have not been disclosed, the project was spread across 980 km2, and its current capacity was rated at around one-million tons a year, which KIOCL has proposed to ramp up to five-million tons a year, half of which the Indian company planned to ship to its base manufacturing facilities.