Saturday, June 09, 2012

Jindal Bolivia terminates contract of exploitation of iron ore and expects a response in 31 days

RESCISSION • The mining company's decision now leaves the government with the last word. The six years he spent in the country threw more hope than reality.


Jindal Steel and Power Limited decides to leave the country. Submitted a letter of termination of contract in Bolivia.. Photo © EPA®

LA PAZ, Bolivia .— The Indian firm Jindal abandons the development of iron ore and other minerals at the border between Bolivia and Brazil. This is billed as the largest mining project of President Evo Morales.

A final attempt by the company aimed to invite the Bolivian Minister of Mines to travel to the headquarters of the Indian company, but met with refusal of the authority, which was understood as a closing position of the last opportunity for dialogue.

Jindal Steel & Power Limited (JSPL) sent a letter to rescind his contract. Bolivian Mining Secretary, Mario Virreira, told local media that has the letter and he will give an answer next week.

Jindal Bolivia said that their investments exceeds 600 million dollars and claims that Bolivian Government for not giving land to operate. Another claim of Jindal was gas provision for the steel complex.

The iron deposit "The Mutún" has 40,000 million tons of minerals. Jindal signed in 2007 to operate in half and mount a steel complex in the region. Source: EL DEBER® / EL DIARIO®

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