Odisha Director of Mines declares JSW Steel Ltd as “Preferred Bidder” for 3 Iron Ore Blocks

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By Our Correspondent

BHUBANESWAR: JSW Steel Ltd has been declared as the “Preferred Bidder” vide communication received from the Director of Mines, Odisha for 3 iron ore mines (Nuagaon Iron Ore Mine, Narayanposhi Iron & Manganese Ore Mine, Ganua Iron Ore Mine) in the State of Odisha, in the Auctions held by the State Govt. of Odisha on 31st January 2020, 1st February 2020 and 4th February 2020, respectively, sources said on Tuesday.

The estimated iron ore resources of the aforesaid mines are around 1091.835 Million tonnes.The highest final offer price by the Company to become a “Preferred Bidder” as a % of average monthly prices of iron ore of different grades and quality published by Indian Bureau of Mines in the State of Odisha from time to time is Nuagaon Iron Ore Mine – 95.20%, Narayanposhi Iron Ore & Manganese Mine – 98.55% and Ganua Iron Ore Mine – 132.00%

The Company will take all requisite steps as per the tender document to obtain Letter of Intent, all statutory clearances, execute Mine Development and Production Agreement (MDPA) and start the mining operations.

Shares of JSW Steel Ltd. was last trading in BSE at Rs.288.05 as compared to the previous close of Rs. 289. The total number of shares traded during the day was 233886 in over 1679 trades.The stock hit an intraday high of Rs. 291.4 and intraday low of 285.5. The net turnover during the day was Rs. 67460937.

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