The world's largest steelmaker ArcelorMittal (MT) confirmed Wednesday that "exploratory" talks about development of its Senegal iron ore deposit are ongoing, but declined to give further details.

Earlier this month, India state-owned iron ore producer NMDC Ltd. (526371.BY) said it's in talks with ArcelorMittal over forming a joint venture to develop the Faleme iron ore deposit in Senegal.

ArcelorMittal gained control of Faleme in 2007, but it has so far not been developed.

Due to reduced demand for steel last year, ArcelorMittal said it put development and investment on hold.

When ArcelorMittal took control of the project it said the mine development, including 750 kilometers of rail and a port, would cost $2.2 billion. It planned to develop the mine in phases to eventually reach annual iron ore output of between 15 million and 25 million metric tons.

-By Devon Maylie; Dow Jones Newswires; (4420) 7842 9483; devon.maylie@dowjones.com
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