Indian JSW Steel forms joint venture with Andhra Pradesh Mining Division to develop iron ore project

India's JSW Steel Limited and Andhra Pradesh Mineral Development Corporation Limited (APMDCL), the mining arm of the government of Andhra Pradesh, have formed a joint venture to develop the Konijedu Marlapadu integrated iron ore project in Andhra Pradesh, the company said in a statement on Thursday, August 28.

The joint venture, APJSW Private Limited, will take over the $122 million project to develop a low-grade iron ore mining project and a processing plant to produce 1.3 million tons per year of iron ore concentrates, the statement said.

JSW Steel Limited will own an 89 percent stake in the joint venture, while APMDCL will own an 11 percent stake.

JSW Steel is expected to gain an economic advantage from obtaining iron ore concentrate from the project and reduce its dependence on imports, the statement added.