Jindal Steel Nears $2 Billion Mine Purchase in West Africa

Jindal Steel & Power Ltd., India’s second-biggest steelmaker by value, is approaching an iron ore mine acquisition in West Africa for at least $2 billion as it seeks raw material to feed its factories at home and in Oman.

The investment will secure deposits of at least 1 billion metric tons and include building a transport line, Executive Director Manish Kharbanda said in an interview, without identifying the seller. The New Delhi-based company has looked exhaustively for reserves in Sierra Leone, Ghana, Mauritania, Sudan, Gabon and Liberia, he said.