The iron ore reserves in Brazil are estimated to be in the region of 300-500 mt, he added. Mr Mittal was speaking after the company’s 23rd AGM here on Thursday.

In India, Ispat has been allotted iron ore mines in Jharkhand and coal mines in Madhya Pradesh.

Ispat Industries has taken steps to start iron ore mining in Brazil. It has floated a separate company, Erebus, to spearhead the Brazil venture. Ispat Industries and group company, Global Steel Holdings, have picked up 40% and 30% stakes, respectively, in Erebus. The remaining 30% will be held by a local Brazilian firm.

Chairman of Ispat Industries said : “We’ve done prospecting work near the proposed site and are due to commence preliminary exploration soon. This will be followed by detailed exploration and a feasibility study and mine development. We want to start mining operations over the next 24 months”.

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