Well while IRL shareholders sit twiddling their thumbs hoping for an announcement re Rakha, Aravalli and Court Case outcomes, NSL Consolidated (ASX Code NSL) announced yesterday at 3.53pm that
"NSL to commence producing iron ore prior to the end of July" in India. http://www.asx.com.au/asxpdf/20140710/pdf/42qrhfbfwvt7by.pdf
A few days ago I noted a story in an Indian newspaper about NSL Consolidated suggesting they would build IO Pellet plants in India. I bought some shares on the back of that story.
An Australian company N.S.L Consolidated has come forward to set up Iron ore pelletisation plants at Karimnagar and Siddipet with an initial investment of Rs. 1,000 crore. The proposal came up during a meeting the company Director Sean Freeman had with Chief Minister K. Chandrasekhar Rao at the MCRHRD Institute here on Wednesday.
Mr. Freeman was informed that the State had iron ore to the extent of about 200 million tonnes in Medak and Karimnagar districts alone. When told that the iron content in the ore was only between 25 to 30 per cent, he assured the government that pellets with iron content of up to 65 per cent could be made for industrial use.
The company was assured that the government would extend all possible help. It is said that phase one of the project would mean at least 1,000 jobs to people. Others present at the meeting were Chief Secretary Rajiv Sharma, Principal Secretary to Chief Minister Narsing Rao and Principal Secretary-Industries Pradeep Chandra.
IRL Price at posting:
0.4¢ Sentiment: Buy Disclosure: Held
