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Indian private-sector steelmaker JSW Steel has successfully bid for the Jaisinghpura south iron ore block located in Ballari, Karnataka in an auction held in March.
The iron ore block has projected iron ore resources of 32.08mn t. The steelmaker offered 145.8pc of average monthly prices set by the Indian Bureau of Mines to be selected as the preferred bidder.
The auction was held on 24 March and the government of Karnataka declared the preferred bidder on 27 March. JSW will obtain a letter of intent and all statutory clearances, execute the lease deed with mine development and production agreement, and start mining operations, the company said.
The steelmaker was also declared the preferred bidder for two coking coal blocks in Jharkhand and one coal block in Chattisgarh in coal ministry auctions held last month.
JSW has also been expanding its iron ore production capacity in Odisha and has applied for environmental clearances, which will take its captive iron ore sourcing to 50pc by 2024 from 41pc currently.
The firm's plans to expand capacity at its Vijayanagar plant by 5mn t/yr from the current 12mn t/yr and phase-2 expansion of its Bhushan Power and Steel (BPSL) plant from 3.5mn t/yr to 5mn t/yr, both on track for completion by the April 2023-March 2024 fiscal year. JSW operates a 10mn t/yr steel plant at Dolvi in the state of Maharashtra.
The Argus daily ICX 62pc iron ore index was at $120.05/dry metric tonne on 4 April, down by 25pc from a year earlier and by 4.1pc from a month earlier. argusmedia.com
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