NSL Consolidated Ltd progressing on greenfield steel plant in India

NSL Consolidated Ltd progressing on greenfield steel plant in India

NSL Consolidated Ltd (ASX:NSL) is making significant progress on a binding joint venture agreement for the establishment of a greenfield steel making plant in Andhra Pradesh, India.

In October 2016, a high level Chinese delegation will visit the proposed steel and pellet plant locations, NSL’s operations and other critical Andhra Pradesh infrastructure opportunities.

The company had signed an agreement In June with the Wei Hua Group, a heavy equipment company in China with US$1 billion in sales, for the establishment of the steel making plant.

NSL is currently progressing on the completion of a pre-feasibility of the front end of the steel plant, being a pellet plant.

This is expected to be completed by 31 December 2016, with the steel plant prefeasibility to follow shortly thereafter.

The Chinese delegation includes China Communications Construction Company, Dalian Huarui Heavy Industry Group, China Metallurgical Group Corporation and Wei Hua.

NSL has a successful track record of operating in India with its own mines and beneficiation plant, production and iron ore sales.

The company is targeting to grow its Andhra Pradesh mining, beneficiation and value added activities to in excess of 8 million tonnes per annum of iron ore.

NSL has already established offtake agreements with Indian companies JSW Steel (NSE:JSWSTEEL) and BMM Ispat.

It is worth noting that India is expected to become the world's second largest producer of crude steel in the next 10 years, as its capacity is projected to increase to about 300 million tonnes by 2025 from 81 million tonnes in 2013-14.

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Newswire
February 28 2016

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