JSW Steel wins bid for iron ore mine in Maharashtra

18 May 2023 , 08:30 AM

JSW Steel stated in a BSE filing that the company will take all necessary actions in accordance with the tender contract to obtain the letter of intent and all necessary legal permissions to execute the lease deed with the mine development and production agreement (MDPA) and begin the mining operations.

‘The company has been declared as a preferred bidder vide communication dated May 15, 2023, received from the Directorate of Geology and Mining, Maharashtra on May 16, 2023, for the composite license of an unexplored iron ore mine (Surjagad 4 iron ore block in Gadchiroli district) in Maharashtra, in the auctions held by the state government on May 12, 2023,’ it stated.

The company’s highest final offer price to become the preferred bidder is 131.05% of the average monthly prices of iron ore in the State of Maharashtra that are periodically reported by the Indian Bureau of Mines.

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