JSW Steel to develop iron ore mines in S.America

JSW Steel Ltd. said on Thursday that it has signed a Joint Venture agreement with a Chilean company viz. MINERA SANTA FE, controlled by Leonardo Farkas Klein, a locally renowned Entrepreneur. The JV will develop iron ore mines and other projects in South America, including Chile. While JSW Steel holds a majority stake of 70% through its Netherlands-based subsidiary, the other JV partner holds the balance 30%.