JSW Steel announced as preferred bidder for Goa mineral block

21 Nov 2024 , 08:51 AM

JSW Steel Ltd announced that it emerged as the “Preferred Bidder” for the Codli Mineral Block XII in Dharbandora, Goa, following a forward auction held on November 12, 2024.

The Goa Directorate of Mines and Geology made the statement on November 18.

The company has been certified a ‘Preferred Bidder’ with the highest final bid price of 92.60% of the ‘value of mineral delivered’, according to a stock exchange filing.

The mineral block contains anticipated iron ore deposits of 48.5 Million tonnes, as well as 2.7 Million tonnes of ore in dumps.

The company stated in an exchange filing that the expected iron ore resources are 48.5 Million tonnes, with an additional 2.7 Million tonnes of ore in dumps.

JSW Steel intends to commence mining operations after obtaining the relevant regulatory clearances, executing the Letter of Intent, and signing the lease deed and Mine Development and Production Agreement (MDPA).

JSW Steel posted a net profit of ₹404 Crore for the September quarter, compared to ₹2,773 Crore in the same quarter of the previous year. The bottom line fell 85% year over year. The company declared a one-time loss of ₹342 Crore for surrendering a mining lease.

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