Indian steel firm seeks SA base – report

[] — STEEL Authority of India Ltd, the Asian country’s second-largest producer, is considering building a three million to five million metric tonne plant in South Africa if the government agrees to grant iron ore and coking coal mining permits, according to a report by Bloomberg.

“The South African government has proposed a joint venture plant with Steel Authority and has promised iron ore and coking coal mines for it. We are exploring that idea,’ said India’s Steel Secretary Pradeep Kumar Misra, who accompanied Steel Authority chair CS Verma on a trip to South Africa last week.

Indian steel companies are seeking fast growing foreign markets as delays in mine allocations and land purchases hinder projects in the country.

India’s steel ministry is also in discussions about mining manganese ore in South Africa, as the country’s largest producer, Moil, gears up to meet the rising demand.
Lazarus Zim, former chairperson of Kumba Iron, on Monday said he resigned from Kumba to set up another steel company.

Motjoli Resources said in August it plans to raise as much as $1.5bn to fund the construction of an iron ore mine that may produce as much as 20 million tonnes a year.

Firestone Energy last week said its BEE partner Sekoko Resources secured R248m in funding from the state-owned Industrial Development Corporation to develop its Waterberg coking coal project.