JSW Steel declared as a "Preferred Bidder" for Jajang iron ore block in Keonjhar district of Odisha

JSW Steel has said it has been declared as a "Preferred Bidder" for Jajang iron ore block in Keonjhar district of Odisha in the auction held by the state government on February 6, 2020. This is the fourth iron ore mine that the company has acquired in the state auctions. In a notification to the BSE on Monday, JSW Steel said it was informed about it in a communication dated February 22, 2020 received from the Director of Mines, Odisha.

The projected iron ore resource as on March 31, 2020 in this mine as per tender documents is around 39.40 million tonnes. The highest final offer price by the Company to become a "Preferred Bidder" is 110% of average monthly prices of iron ore of different grades and quality published by Indian Bureau of Mines in the State of Odisha from time to time,” JSW Steel said in the official statement. The company said it will take all requisite steps as per the tender document to obtain Letter of Intent, all statutory clearances, execute Mine Development and Production Agreement (MDPA) and start the mining operations.

JSW Steel had earlier bagged Ganua iron ore mine through an e-auction, with a reserve of 118 million tonne and committed to pay 132% of its sale value to the Odisha government. The company previously won two other iron ore mines in Odisha, Nuagaon and Narayanaposhi with a total reserve of 790 million tonne.