India’s Jindal Steel & Power takes over Venezuela iron-ore complex

India-based Jindal Steel & Power has taken over the operations of Venezuela’s biggest iron-ore complex, Bloomberg reported.

The development comes just months after Jindal struck a deal with the Venezuelan Government led by Nicolás Maduro, signalling a potential shift in the country’s approach to foreign investment in its mining sector.

Jindal officials are currently conducting inspections at the iron-ore plants of CVG Ferrominera Orinoco, sources privy to the develoment told the news agency.

The complex, controlled by the state-owned conglomerate Corporacion Venezolana de Guayana, comprises five plants that produce iron-ore pellets and briquettes, essential for steelmaking.

Jindal Steel & Power has set a target to export 600,000t of raw material per month by the end of the year