Commodity Online

NEW DELHI: Global Steel Holdings Ltd (GSHL) has signed a deal for leasing iron ore and coal reserves in Brazil, Columbia and Mozambique.

GSHL promoted by Pramod Mittal has reportedly signed multiple iron ore leases with Brazil and for thermal and coking coal exploratory blocks with Colombia and Mozambique.

A company source said it may take 12 to 18 months to complete exploratory works in Brazil after which they will decide on beginning exploratory activity.

In Colombia and Mozambique, the total coal reserve is estimated to be around 100 to 110 million tonnes of medium to high grade coking and non coking coal.

The Mozambique project is near to Arcelormittal, Tata Steel and CVRD coal projects in Tete region on the African nation.

GSHL has bagged a coal mining lease of around 30,000 hectares in that country as compared to ArcelorMittal's 45,000 hectares and Tata's 25,000 hectares.

GSHL's subsidiary Ispat Industries, which operates a 3 million tonnes steel plant in India may join hands with their parents and local partners by floating special purpose vehicles in each of these nations.