New Delhi, Jan 16: JSW Steel Ltd today said it has acquired eight mines in North of Chile for exploitation of magnetite iron ore deposits in the region for a consideration of 52 million dollars.
The acquisition has been done through its Netherlands based wholly owned subsidiary for exploration and exploitation of magnetite iron ore deposits in the region of Atacama in the North of Chile. ''These mines are expected to have good quality magnetite iron ore deposits located near pacific coast facilitating shipment of ore at competitive cost. It acts as a natural hedge against high cost iron ore procured from third parties in India once these mines are operationalised,'' JSW Steel Ltd Vice Chairman and Managing Director, Sajjan Jindal said.
He further added that the company is negotiating to forge a joint venture to develop various iron ore mining projects in South America.