One of India’s leading steel mills, Electrosteel Steels (ESL) has placed the highest bid for the Feegrade Nadidih iron ore block in the ongoing mines auctions in Odisha at a premium of 92.3%, SteelMint learnt from sources.
Sources informed SteelMint that there were five technically qualified bidders for the Nadidih Feegrade mines with the highest bid being put at 76%. The companies which had cleared the technical round for Nadidih Feegrade mine were ESL Steel Ltd, Ramgad Minerals, Rungta, ArcelorMittal and Orissa Metaliks. The highest initial price offer amongst the “technically qualified bidders” was 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.
Electrosteel Steels had placed the highest bid for the Nadidih BICO iron ore block in Sunday’s forward auction in Odisha at a premium of 95.6%. Also, JSPL emerged has highest bidder in 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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