The Odisha state government has started the second round of mineral block auctions with the announcement of technically qualified bidders. The companies which have cleared the technical round for Nadidih Feegrade mine block are ESL Steel Ltd, Ramgad Minerals, Rungta, ArcelorMittal and Orissa Metaliks.
Sources informed SteelMint that there were five technically qualified bidders for the Nadidih Feegrade mines with the highest bid being put at 76%. The highest initial price offer amongst the “technically qualified bidders” shall be the floor price for the second round of the e-auction.
The mine has an area of 117.206 Ha with explorations done up to G2 level. The mine has total geological resources of 23.69 mn t iron ore having average Fe content of 60.41%.
The government has put 10 iron ore blocks under the hammer in this round. These include Nadidih BICO, Kasia, Gandhalpada, JumkaPatrishohi to name a few.
Electrosteel Steels has placed the highest bid for the Nadidih iron ore block in Sunday’s forward auction in Odisha at a premium of 95.6%. Also, JSPL, has bagged the Kasia iron ore block at a premium of 118.1%.
Odisha’s Department of Steel and Mines expects to complete the auction process by Sept’21-end and after the current tranche of 11 mineral blocks, may auction another five blocks as composite leases. The Odisha government is expected to announce the technically qualified bidders for other mines gradually in the coming days.
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