Team Goemkarponn
PANAJI: JSW emerged as the highest bidder for the Codli iron ore mineral block XII in auction with a bid premium of 92.6%.
The block, of around 377 Ha, is located in Goa and has geological reserves of 48.49 mnt. The mine comprises deposits of average-grade fines (Fe 57.86%) and lumps (Fe 56.24%).
Erstwhile lessees incude Vedanta and Sociedade Timblo Irmaos.Vedanta Ltd. had previously owned it. The mine has deposits of lumps (Fe 56.24 percent) and fines (Fe 57.86 percent) of average grade.
At 11 a.m., the Codli mines went up for bid, and it ended in the evening. All five businesses took part in the bidding process; the other four that submitted offers were Kirloskar Ferrous Industries, Mandovi Fine Pellets, MSPL Ltd, and GVPR Engineering Ltd.
The steel business won two blocks—the Cudnem-Cormolem Mineral Block and the Surla-Sonshi Mineral Block—in the second round of the e-auction, which took place in April of last year. It was the state’s first steel business to acquire a mining block.
JSW paid 109.80% of the mineral’s value for the Surla-Sonshi block, while offering the highest premium of 96.65% for the Cudnem-Cormolem Mineral block. The combined resources of both blocks amount to approximately 75 million tonnes of iron ore.
The successful bidder will have to obtain forest clearance, wildlife clearance, environment clearance, approval of the mining plan from the IBM, consent to establish, gram sabha consent and all other approvals and permissions from local bodies.
Phase III involves the sale of three mineral blocks having total iron ore mineral resources of 63.4 million tonne (MT) and dump resources of 3.3 MT. The other two blocks that will be auctioned are the Onda mineral block X in Sattari on Wednesday, and the Curpem & Sulcorna mineral block XI, Sanguem-Quepem, on Thursday.
The auctions are being conducted online on the MSTC portal.
