Tata Steel Limited and SODEMI (state owned company for mineral development) announced today that they have entered into Joint Venture agreement (JVA) for the development of Mount Nimba Iron ore deposits in Ivory Coast (West Africa).

The JV was signed in presence of Mr. Monnet Emmanuel Leon, Hon Minister of Mines and Energy, Mr. Momy Guei, Chairman of SODEMI, Mr. Jean Likane, MD, SODEMI, Mr. B Muthuraman, MD, Tata Steel, Mr. A D Baijal, Vice President (Global Mineral Resources) Tata Steel and other officials from the Government of Ivory Coast and Tata Steel. The project will be implemented by a joint venture company, wherein Tata Steel will have a major shareholding.

Mr. Monnet Emmanuel Leon, Hon Minister of Mines and Energy mentioned "Ivory Coast is very happy to have identified Tata Steel as its partner for this mega project in Iron Ore. It is a very major step towards development of the country and will improve lives of people in many ways. We are quite convinced that Tatas have the technical and financial capability along with the experience to undertake this project to its successful implementation". Mr Jean Likane YAGUI, Managing Director of SODEMI said "Together with Tata Steel, we are writing a new chapter in the history of Ivory Coast today".

Mr. B Muthuraman, Managing Director, Tata Steel said, "Tata Steel is very pleased to have signed this Agreement. Tata Steel has vast experience of mining, spanning over several decades and will be introducing best practices for mining geology environment and project management. It is Tata's philosophy to participate and be a part of a country's development process and Tata Steel, through its well known social initiatives will make a positive impact on improving the quality of life of the people of Ivory Coast. We value our partnership with SODEMI and the Government. of Ivory Coast and we are sure that this partnership will go from strength to strength in the years to come and help the Country gain its rightful position in the mining sector."

The initial phase will involve exploration and detailed feasibility assessments followed by construction of the mine and beneficiation facilities. The iron ore from this project will be supplied to Tata Steel Group facilities especially those located in the United Kingdom and Netherlands. The Mt Nimba deposit, spread over 3 countries - Liberia, Guinea and Ivory Coast, is one of the biggest in the West Africa.

About Tata Steel

Established in 1907 as Asia's first integrated private sector steel company, Tata Steel in 2006 on a combined basis is the world's sixth largest steel producer in terms of actual crude steel production with geographic footprints in India, South East Asia, UK and Europe. With the recent acquisition of Corus Limited, the combined enterprise has an aggregate crude steel production capacity of around 28.1 million tonnes with approximately 82,700 employees across the four continents.

Tata Steel's mines, collieries and Jamshedpur works in India are ISO 14001 certified for environment management. The company's Jamshedpur steel works along with its Ferro Alloys and Minerals Division, have been conferred the SA 8000 certification for work conditions and improvements in the workplace - the first in the world. Tata Steel which has also set benchmarks in the fields of corporate social responsibility and corporate governance firmly believes in improving the quality of life of its employees and the communities it serves.

About SODEMI
SODEMI is a 100% state owned company formed for development of the mineral resources in the country. It already has a manganese mining operation in Ivory Coast and a partnership for gold mining and another for drilling. For further information, please visit www.sodemi.com.

 

*The Company is proposing, subject to market conditions and other considerations, an offer on a rights basis of its equity shares and cumulative convertible preference shares and has filed a Draft Letter of Offer with SEBI and the stock exchanges. The Draft Letter of Offer is available on the website of SEBI at www.sebi.gov.in and the respective websites of the BRLMs at www.jmfinancial.in, www.citibank.co.in and www.dspml.com”