JSW Steel has been participating aggressively in the Karnataka iron ore block auctions. According to the latest update, the steel maker bagged two more iron ore mine blocks auctioned recently.
According to market sources report to SteelMint, JSW Steel has been the preferred bidder for two mine blocks of Tungabhadra Minerals.
The first lease of Tungabhadra Minerals (with 29.7 MnT and 4.17 MnT reserves) has average iron ore content ranging from Fe 51.56-58.76%. Apart from JSW Steel, three firms which were declared technically qualified bidders for this block, include Kirloskar Ferrous Industries, MSPL and Vedanta.
And the 2nd mine block has iron ore reserves of 6.92 MnT with average iron ore grade of Fe 59.5%. Apart from JSW Steel, other firms which were declared technically qualified bidders include Kirloskar ferrous Industries and Vedanta.
“Two mine blocks of Tungabhadra leases were auctioned. One ,out of two, received highest bid at 81.18% of the reserve price, while the other received H1 bid at 58% of the reserve price”, shared an official from Karnataka DMG.
Status of iron ore blocks in Karnataka auctioned so far
|
S.No |
Name of the Mine |
Total Geological Resources (in MnT) |
Avg Grade (Fe %) |
Technically Qualified Bidders |
Preferred Bidder |
H1 Bid |
| 1 | Rama Rao Paol | 31.53 | 56.6 | BMM Ispat, JSW Steel, Kalyani Steel, Kirloskar Ferrous Industries, MSPL, Vedanta |
JSW Steel | 90.82% |
| 2 | Lakshmi Narayan Mining Company |
14.71 | 52.91 | JSW Steel, Kalyani Steels, Kirloskar Ferrous Industries, Minera Steel & Power, MSPL, SLR Metaliks, Vedanta |
MSPL | 100.30% |
| 3 | Tungabhadra Minerals |
Part I -29.7, Part II -4.17 |
58.76 & 51.56 |
JSW Steel, Kirloskar Ferrous Industries, Vedanta, MSPL |
JSW Steel | 81.18% |
| 4 | Tungabhadra Minerals |
6.94 | 59.52 | JSW Steel, Kirloskar Ferrous Industries, Vedanta |
JSW Steel | 58% |
Source: SteelMint Research
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