Tata Steel in mining joint venture with Oman's Al Bahja Group
16 January 2008
Tata Steel Ltd today announced having entered into a joint venture agreement with leading Omanese business house Al Bahja Group, for the joint development of the Uyun limestone deposits at Salalah in the Sultanate of Oman.
Tata Steel will acquire a majority 70 per cent stake in Al Bahja Group company, AL Rimal Mining LLC, which will execute the development and operation of the Uyun Mine.Tata Steel will make the investment through its subsidiary, T S Global Minerals Holdings Pte Ltd.
Limestone is a raw material required to manufacture corrugated steel. The joint venture will initially undertake exploration and a detailed feasibility study of the project, which envisages mining of limestone in the Uyun region in the Salalah province of Oman, which has large limestone deposits.
and B Muthuraman, managing director, Tata Steel in the presence of H E The Ambassador of India to the Sultanate of Oman, Mr. Anil Wadhwa, Mr. A D Baijal, Group Director (Global Minerals), Tata Steel, and other officials of the Al Bahja Group and Tata Steel.
B Muthuraman, managing director, Tata Steel, who signed the agreement with Ajit Hamlai, chairman, Al Bhaja Group, said, "These investments in mining are the foundations towards achieving Tata Steel's vision of becoming a global benchmark in value creation, corporate social responsibility, environmental protection and safety through passionate, talented and motivated employees".
Muthuraman also said that Tata Steel has nearly 100 years of extensive experience of exploration, modelling, designing and operation of both underground and open cast mines and would introduce its best practices for mining, as well as the management of the environment in the development of the Uyun limestone mine in Oman.