JSW Steel wins 3 iron ore mines in Odisha auction

On Monday after the trading hours, JSW steel announced that it had received a communication from the Department of Steel and Mines, Government of Odisha. The company informed that it had been declared as the preferred bidder for three iron ore mines in auctions held by the State Government of Odisha between January 31, 2020 and February 4, 2020.

JSW Steel further stated via a press release that the mines in question were Nuagaon iron ore mine, Narayanposhi iron and manganese ore mine and Ganua iron ore mine in Odisha. These mines had estimated iron ore resources of approximately 1,091.835 million tonnes.

The company assured that it would take all the requisite steps as per the tender document to obtain the Letter of Intent (LOI) and execute the Mine Development and Production Agreement (MDPA) to start the mining operations.

JSW Steel Limited is engaged in the business of production and distribution of iron and steel products. It has plants in over six locations in India, including Vijayanagar in Karnataka, Salem in Tamil Nadu, and Tarapur, Vasind, Kalmeshwar and Dolvi in Maharashtra.

At 9.30 am on Tuesday, the stock was trading at Rs 289, up by 0.33 per cent or Rs 0.95 per share. The 52-week high is recorded at Rs 313.40 and the 52-week low is Rs 201.90 on BSE.