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Thursday, October 21, 2021

JSPL wins Kasia iron ore block in Odisha auctions - Times of India

Last updated Sunday, September 19, 2021 09:35 ET , Source: NewsService

BHUBANESWAR: Naveen Jindal-led Jindal Steel and Power Limited (JSPL), one of the largest steel producers in the country, has bagged the Kasia iron ore and dolomite block in the ongoing auction process in Odisha.
It would be the first iron ore block owned by the company in the state.
Seven top mining and metal platers, including JSPL, Essel Mining, Tata, Rungta, MSPL, ArcelorMittal and Electrosteel were in the race for the mining block.
Sources said the JSPL has bagged the block by committing to pay a premium of 118.1%, which means JSPL will have to pay Rs 118 to the state government for sale/transaction of every Rs 100 of iron ore from the block.
The reserve, spread over 194.19 hectare, has been operated by the Essel Mining of the Aditya Birla group until March 2020. With the recent amendment in the mining auction rules, the successful bidder (JSPL in this case) may not have to seek fresh environment clearance for the working block.
The iron ore block will be a great boost to cater to the raw material need of the JSPL’s 6MTPA steel plant at Angul.
The company had earlier flagged the issue of shortage of iron ore for the Odisha-based plants and steep increase in iron ore price, which was refused by the state government.
Meanwhile, financial bidding is going on for the Nadidih iron ore block (BICO) for which five companies are in the race. On Monday, the state government would conduct the financial bid for Nadidih iron ore and manganese block (Feegrade).
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