Reuters reported that Mr Pramod Mittal chairman of privately held Global Steel Holdings is negotiating with the North Korean government for a stake in the country''s Musan iron ore mines.
As per report, Global Steel could be negotiating with Pyongyang for development rights to Musan for a fixed period, where Global Steel would do the mining and get to buy an agreed portion of the reserves.
It may be noted that Mr Pramod Mittal had visited North Korea last week to hold talks with senior government officials to work out the procedures for a share of Musan''s reserves.
The report, however, quoted Mr Pramod Mittal as saying that the firm was not looking for any stake in Musan and that the visit to North Korea was to further business interests.