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JSW Steel Bags Nuagaon and Narayanposh Iron Ore Blocks in Odisha Auction-2020 China(Guangzhou) Int’l Laser Equipment and Sheet Metal Industry Exhibition
3/2/2020  钣金展-激光展- Laser expo, Sheet Metal Industry expo
    As per media reports, JSW Steel has bagged two iron ore mines with total reserves of 980 million tonnes in the auction in Odisha. Both the mines are operational and its leases were expiring in March. Nuagaon iron ore, currently held by merchant miner KJS Ahluwalia, has deposits of 790 million tonnes of iron ore and Narayanposhi iron block has 190 million tonnes reserve. JSW Steel quoted a premium of 95.2 per cent and won the block at online auctions. Owing to its enormous deposits, the reserve price for the Nuagaon block was pegged at 50 per cent of the sale value of the embedded ore. Also, the net worth to bid for this block was fixed at around INR 3800 crore, making the incumbent lessee- KJS AHluwalia ineligible to participate at the electronic auctions.

Others in the fray for this iron ore mine include Arcelormittal Mittal India Pvt Ltd, Vedanta, Tata Steel and JSPL.

These iron ore block are expected to provide an assured raw material security to JSW Steel which is setting up a 13.2 million tonne per annum greenfield steel mill near Paradip. The steel plant, along with attendant infrastructure like Captive Power Plant, is coming up on land once acquired for the Posco project. JSW Steel has pledged an investment of INR 55,000 crore on the steel mill complex to be set up in a staggered manner.

After the annulment of three notices inviting tender in October 2019 for auction of iron ore and manganese blocks because of conflicts between participating bidders, the Odisha government released an NIT for 20 iron ore and manganese blocks on December 6, 2019. While 15 of the 20 mines to be auctioned predominantly have iron ore, three have both iron ore and manganese, while the remaining are primarily manganese reserves. The 18 mines containing iron ore reserves together hold 1,600 million tonne of which 33 per cent (five mines) are reserved for specified end-use (captive usage). These are old mines where leases are set to expire in March 2020. 钣金展-激光展-2020年第二十一届广州国际激光设备及钣金工业展 -2020 China(Guangzhou) Int’l Laser Equipment and Sheet Metal Industry Exhibition -Sheet metal exhibition, Sheet metal expo, 2020 Sheet metal exhibition, 2020 Sheet metal expo, China Sheet metal exhibition, China Sheet metal expo, Laser Equipment exhibition, Laser Equipment expo, 2020 Laser Equipment exhibition, 2020 Laser Equipment  expo, Laser exhibition, Laser expo
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