India-based steelmaker Jindal Steel & Power (JSPL) is reportedly in negotiations with the Liberian government to acquire an iron ore mine in the country as part of its overseas expansion.
The company is planning to buy the Wologizi mine in the West African country, with a decision is expected by the end of September 2013, reported Bloomberg citing undisclosed sources.
The proposed deal is estimated to be as much as $2bn.
In March this year, JSPL abandoned its plans to acquire iron ore company Afferro Mining citing low grade magnetite deposits and high costs concerned with the beneficiation of the ore.
The Indian steel firm wrote off more than $90m after shelving an iron ore project in Bolivia in 2012.