New Delhi, Dec 12: Tata Steel Ltd has sealed a joint venture agreement with SODEMI, state-owned company for mineral development, for Mount Nimba Iron Ore deposits in Ivory Coast, West Africa.
''Ivory Coast is very happy to have identified Tata Steel as its partner for this mega project in Iron Ore. It is a very major step towards development of the country and will improve lives of people in many ways,'' Minister of Mines and Energy Monnet Emmanuel Leon said.
The initial phase will involve exploration and detailed feasibility assessments followed by construction of the mine and beneficiation facilities. The iron ore from this project will be supplied to Tata Steel Group facilities especially those located in the United Kingdom and Netherlands, a release said.
The Mount Nimba deposit, spread over three countries - Liberia, Guinea and Ivory Coast- is one of the biggest in the West Africa.
''We value our partnership with SODEMI and the Ivory Coast Government and we are sure that this partnership will go from strength to strength in the years to come and help the country gain its rightful position in the mining sector, '' Tata Steel Managing Director B Muthuraman said.