Mineweb reported that India has failed to win a global bid to acquire the Shaida copper project in Afghanistan which has been awarded to Afghan Minerals Group.

In yet another failed attempt the Indian consortium consisting of state owned companies like Steel Authority of India. Hindustan Copper, Nalco and Mineral Exploration Corporation has lost the race to acquire the Shaida copper mine in Afghanistan. The Shaida deposit is estimated to contain 4.34 million tonnes of copper reserves.

A consortium of Indian companies which had joined the global race for acquiring copper deposits in Afghanistan had decided to bid for only one area against the four that were on offer.

Shaida located in the Herat province in West Afghanistan scored over the other areas mainly in terms of its location advantage. This area is close to the Chabahar Port of Iran and is only 30 km off a highway.

In the case of the copper mine Afghan Minerals Group has secured the winning bid. The company's name was announced by the government of Islamic Republic of Afghanistan. The government also announced the name of Silk Road Mining as the reserve bidder.

According to DNA India Afghan Minerals Group is a four member consortium majority owned by Amsterdam based Supreme Group BV. The other members are local companies and include UB Investments LLC owned by the Khwaja family Marco Polo Holdings Ltd controlled by the Gulzar family and the SAK Group FZCO.

Source - Mineweb.com