SAIL-led consortium earmarks an investment of $75 million for Afghanistan iron ore mines: Report

SAIL-led consortium has earmarked an investment $75 million for the development of first phase of Hajigak iron ore mines in Afghanistan, as mentioned in a media report. The consortium led by steel major acquired the mining rights for three iron ore mines in Afghanistan in November last year by emerging as winner in an international bidding. The three blocks contain 1.28 billion tonnes of rich reserves.

Further, the first phase, which will include evaluation of the iron ore mines, would take about two and half years time to complete. Other members of the consortium include state-owned NMDC and RINL and private sector steel players -- JSW, JSW Ispat, Jindal Steel and Power, and Monnet Ispat and Energy.

Impacted by higher foreign exchange losses, SAIL reported a 17.91% drop in June quarter net profit for the June at Rs 696.41 crore on as compared to Rs 848.34 crore for the same quarter previous year. The total income from operation of the company too has decreased marginally by 3.08% to Rs 11055.95 crore for Q1FY13 as compared Rs 11407.63 crore for the corresponding quarter previous year.