Jindal Steel & Power Ltd engaged in discussions to acquire an iron ore mine in Liberia. This was after Liberia encountered environmental concerns that prompted it to look for overseas investors. The statement was according to two people who were familiar with the matter. Jindal Steel is India's third biggest steel manufacturer by value.
The company aimed to acquire Wologizi mine and negotiations are on with the government for the West African nation to be approved. A final decision is expected to be received by end of September according to sources who asked not to be named as official announcements were not made yet.
Jindal Steel scrapped acquisition discussions with Afferro Mining Inc. in March. The company wrote off more than US$90 million after it has abandoned a Bolivian iron ore project last year. This year, the company eyed Liberia's need for foreign investors to engage in talks for the country's iron ore mine.
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