JSW Steel packs the second iron ore mines in Odisha in three days

BHUBANESWAR: directed by Sajjan Jindal JSW steel He pocketed the iron ore and the Narayanposi block, the second block in the last three days as part of the ongoing auction process in the state. The company had become the preferred bidder for the Nuagaon iron ore block on January 31.

JSW steel won the Narayanposi block at 98.5 per cent, bidding for which was finalized at 1:48 am on Sunday morning, official sources in the steel and mines department. Companies like JSPL, ArcelorMittal KJS Ahluwalia and Rungta Mines were among others, who were in the race for the blockade.

“By bagging the block with an offer of 98.5 percent, the company agrees to pay Rs 98.05 for the sale of ore of every 100 rupees, apart from the contribution to the fund of the district's mineral foundation (DMF) and other taxes. The base price for the block was set at 72 percent, official sources in the steel and mining department said, an official said.

The Narayanposhi composite block has a reserve of 187.60 million tons (MT) of iron ore and 0.505 MT of manganese.

Live plus The company had pocketed the Nuagaon block with an offer of 95.2 percent, the highest among the 19 blocks, that the state government auctioned.

These 19 blocks were put up for auction since the lease period of these blocks would end on March 31. After the auction process, the block will be leased to successful bidders from April 1 for a period of about 50 years.

JSW steel bagging two blocks assume significance as the company has already received the state government’s nod for a 10 MT integrated steel plant near Paradip in .

The auction of Thakurani iron ore mines was held on Sunday at the time of submitting the report. Six companies are competing for the block.

Official sources said the letter of intent to successful bidders will be issued after completing the auction process on February 18.