JSW Steel declared Preferred Bidder for Karnataka mines

Aug 2,2019

JSW Steel Limited has been declared as the Preferred Bidder for three iron ore mines with an estimated resource of around 92.97 million metric tonnes in the auctions held by the government of Karnataka in July 2019.

The three mines are Narayanpura Manganese & Iron Ore Mine, Dharmapura Iron Ore Mine & BBH Mines, the company said in a stock market notification. The weighted average highest final offer price by the company to become a "Preferred Bidder" for the three mines is 78.88 percent of average monthly prices of iron ore of different grades and quality published by Indian Bureau of Mines in Karnataka from time to time.

In a notification to the exchanges recently, 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 (MOPA) and start the mining operations. Earlier in October 2016 and September 2018, JSW Steel was declared Preferred Bidder for six Category "C" iron ore mines having estimated resource of around 120.714 million metric tonnes, in the e-auctions conducted by the government of Karnataka.