Goemkarponn Desk
PANAJI: Kai International, an Odisha based mining company has bagged the Tivim-Pirna mineral block with the highest premium of 100.1 percent of the average sale price set by the Indian Bureau of Mines (IBM).
Tycoon Sajjan Jindal’s JSW Steel has won an iron ore block in ongoing auctions in Goa, a first for the company, as it seeks higher raw material security, Goa media reports said.
As of FY22, 43 percent of JSW Steel’s iron ore requirements were being met by captive mines, which the steelmaker is targeting to increase to 50 percent.
JSW Steel has quoted the highest premium for the Cudnem-Cormolem mineral block at 96.6 percent of the average sale price set by the Indian Bureau of Mines, the report said.
The company did not officially confirm the development. The block was put up for auction on April 25. Cudnem-Cormolem is one of the five iron mines put on the block in the latest round of auctions.
The Cudnem-Cormolem mineral block is estimated to have resources of about 9.7 million tonnes, a comparatively immaterial figure that’s not likely to make a significant difference to JSW Steel, said
The Goa government has started the process of auctioning five more iron ore mining blocks, all located in North Goa district, a senior official said. The state Directorate of Mines and Geology (DMG) had last month conducted the e-auctioning of four iron ore blocks, with an aim to pave way for the resumption of the state’s iron ore mining industry in the state.
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