Aditya Birla group exits race to acquire Northern Iron
Agencies: New Delhi , Nov 11 2012, 14:46 IST
mine life. It consists of four magnetite iron deposits and 20 other deposits. Overall, the Australian firm has a production capacity of around 2.1 million tonne per year.
Talking about the project, NFE said that its production was negatively impacted by two reasons in the last quarter and it has rectified them.
Besides, it is aiming to bring down its cash operating cost to USD 70-76 per tonne in the current quarter, from July-September quarter's USD 83 per tonne levels.
Essel Mining and Industries was set up in 1950 and is amongst India's largest iron ore mining companies. The company has iron ore mines in mineral-rich Barbil-Barajamda belt of Odisha.
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