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Jindal Steel one step closer to terminating Bolivian iron ore project

Tuesday, 12 June 2012 12:06:24 (GMT+3)   |  
       

India's Jindal Steel & Power may end its contract in Bolivia to mine iron ore and build a steel plant--the contract was worth an estimated $2.1 billion. In a letter to the Bolivian government on Friday, Jindal Steel stated that the Bolivian government has 30 days to solve the issue at hand or the deal will be terminated-- the decision is due to "non-fulfillment of the contractual obligations" by the government in South America.

SteelOrbis reported in May that Jindal's Bolivian iron ore project, known as El Mutun, was at risk after the Bolivian government encashed an $18 million bank guarantee from the firm for not meeting terms of the contract.


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