It was reported that India's Jindal Steel and Power Co., Ltd. had taken over the operations of Ferrominera Orinoco, Venezuela's largest iron ore producer.

Ferrominera Orinoco was part of the state-owned Venezuelan Company of Guyana (CVG) and specialized in the mining and processing of iron ore. Its five plants had a combined production capacity of 25 million tons per year. The company also operated a 320-kilometer rail network connecting several spots in Venezuela's industrial main area. However, it's unclear whether those operations were also included in Jindal's purview.

It was understood that Jindal planned to initially invest US$800,000 to upgrade existing equipment, with the goal of exporting 600,000 tons of iron ore pellets per month by the end of this year.

Source from Yieh Corp