LatinNews Daily Report - 18 July 2012

ECONOMY | Jindal to sue Bolivia for breach of contract. On 16 July the Indian company Jindal Steel Bolivia (JBS), a subsidiary of Jindal Steel & Power Ltd, issued a statement confirming the termination of a US$2.1bn contract signed with the Bolivian government for the development of the El Mutún iron ore mine – the biggest investment by any foreign company in a single project in Bolivia and the largest investment by an Indian company in South America. The statement comes in the wake of a company letter of intent to the Bolivian government dated 8 June. According to the statement, the Bolivian government had 30 days to resolve the issues raised by Jindal, but without success. According to the statement, Jindal “intends to pursue international arbitration relating to the contract.”

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