JSW Steel Limited has announced that the company, through its Netherlands based wholly-owned subsidiary, has acquired 8 greenfield mining concessions in the Atacama region in North Chile. The deal has been valued at $52 million. These exploration mining concessions extend over an area of approximately 1200 hectares, an official release said.

Mr. Sajjan Jindal , Vice Chairman and Managing Director, JSW Steel, commenting on this acquisition said, "These mines are expected to have good quality magnetite iron ore deposits located near pacific coast facilitating shipment of ore at competitive cost. It acts as a natural hedge against high cost iron ore procured from third parties in India once these mines are operationalised".

JSW Steel is also looking at possible joint ventures for various iron ore mining projects, he added.    

JSW Steel Limited engages in the production and sale of steel products in India. The company offers mild steel hot rolled coils, mild steel hot rolled plates and sheets, and tolerances for various applications, including automobile, infrastructure, railways, storage tanks, pipes, general engineering, machine and equipment building, pre-engineered building system, and transmission towers.

The Company has been actively pursuing to augment captive sources of iron ore and coal both in India and overseas for its Indian steel making operations.

The stock closed today at Rs. 1145, down by 5% compared with previous close of Rs. 1211. It touched an intraday high of Rs. 1200 and low of Rs. 1128.