By Anurjay Dhal
BHUBANESWAR: Odisha Directorate of Mines has declared that the Sajjan Jindal led JSW Steel as preferred bidder for Jajang iron ore block. Jajang iron ore block holds estimated reserves of 39 million tonne and auction was held on February 6.With this, the Steel maker has been declared as preferred bidder for as many as 4 blocks for far.
Earlier, JSW Steel Ltd had declared as the “Preferred Bidder” for 3 iron ore mines blocks (Nuagaon Iron Ore Mine, Narayanposhi Iron & Manganese Ore Mine, Ganua Iron Ore Mine) in Odisha, in the Auctions held by the State Govt. of Odisha on 31st January 2020, 1st February 2020 and 4th February 2020, respectively.
“The highest final offer price by the company to become a preferred bidder is 110 per cent of average monthly prices of iron ore of different grades and quality published by Indian Bureau of Mines (IBM) in Odisha from time to time,” JSW Steel said.
The company will take all requisite steps as per the tender document to obtain the letter of intent. It will also take statutory clearances, execute a Mine Development and Production Agreement (MDPA) and start the mining operations.
Earlier, the 3 blocks 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.