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JSW Steel is reportedly in talks to acquire Sierra Leone-focused iron ore miner London Mining Plc. London Mining, which has been hit by a falling iron ore price and the Ebola crisis that has gripped the region, would come ‘cheap’ given its market value of $10 million. Moreover, the deal would help JSW to meet some of its demand for steelmaking ingredient iron ore.
Action against illegal mining in India has led to a sharp fall in domestic iron ore output, forcing JSW to import heavily. It plans to ship in 10 million tonnes of iron ore this fiscal year ending March 31.
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