Jindal Steel Ceases Iron Mine Contract In Bolivia

Bloomberg reported Jindal Steel & Power Ltd. (NSE:JSP), said it terminated a contract to build the $2.1 billion El Mutun iron mine in Bolivia.

As quoted in the market news:

Jindal, which signed a contract in 2007 to develop 20 billion tons of iron-ore reserves at El Mutun, had planned to build a 1.7 million ton-per-year steel plant in addition to a sponge-iron factory, a pellet unit and a power project, according to the company’s website. Jindal has spent $90 million on the project to date, according to the company.

Click here to read the full Bloomberg report.