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February 25, 2020

JSW Steel receives new iron ore mine in Odisha, India

JSW Steel has been named as the preferred bidder to acquire Jajang iron ore block in Keonjhar district of Odisha, India.

Indian steel company JSW Steel has been named as the preferred bidder to acquire Jajang iron ore block in Keonjhar district of Odisha, India.

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As ore mines ramp up and come on stream, the total number of active surface machines (including trucks, excavators, shovels, loaders, graders and dozers) is forecast to rise from 141,470 in 2020 to 167,367 by 2025. This will be a CAGR of 3.4% from 2020 to 2025. The largest contributor to this growth is expected to be trucks, particularly smaller-sized trucks with shorter lifespans, used extensively in parts of Asia Pacific. Underground mining equipment is similarly expected to see a CAGR of 2.3% in this same time frame, with the number of mining trucks and loaders/LHDs in active underground mines expected to rise to 19,853 by 2025. GlobalData’s extensive mine-site research and equipment models have been used to build a complete view of mobile mining equipment populations globally for trucks, loaders, graders, dozers, excavators and shovels. This report includes informative breakdowns by each major region and key mining country, and also by major commodity. Read GlobalData’s Global Surface and Underground Mining Equipment: Populations & Forecast to 2025 for a complete view of the market, allowing you to best position yourself for the future.
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The firm has acquired the iron ore mine in the auction of Odisha blocks. The projected iron ore resource is 39.4 million tonnes (Mt).

In a stock exchange filing, JSW Steel said: “The highest final offer price by the company to become a ‘Preferred Bidder’ is 110% of average monthly prices of iron ore of different grades and quality published by Indian Bureau of Mines in the State of Odisha from time to time.

“The company will take all requisite steps as per the tender document to obtain a letter of intent, all statutory clearances, execute Mine Development and Production Agreement (MDPA) and start the mining operations.”

The Jajang iron ore block is the fourth iron ore mine the company has acquired in the state auctions. The other three are at Nuagaon, Narayanposhi and Ganua.

Nuagaon has a total estimated reserve of around 790Mt, according to The Economic Times.

Last month, JSW Steel secured the second iron block, Narayanposhi, in Odisha, which has the capacity to produce more than 190Mt of iron ore.

The third iron ore mine in Ganua has a capacity of 118Mt of ore.

JSW Steel is one of the largest exporters of steel in India. It ships the metal to more than 100 countries across the five continents.

The company has manufacturing plants in Karnataka, Tamil Nadu and Maharashtra, with a total capacity to produce 18Mtpa.

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img

Dig deeper with our mining equipment forecasts

As ore mines ramp up and come on stream, the total number of active surface machines (including trucks, excavators, shovels, loaders, graders and dozers) is forecast to rise from 141,470 in 2020 to 167,367 by 2025. This will be a CAGR of 3.4% from 2020 to 2025. The largest contributor to this growth is expected to be trucks, particularly smaller-sized trucks with shorter lifespans, used extensively in parts of Asia Pacific. Underground mining equipment is similarly expected to see a CAGR of 2.3% in this same time frame, with the number of mining trucks and loaders/LHDs in active underground mines expected to rise to 19,853 by 2025. GlobalData’s extensive mine-site research and equipment models have been used to build a complete view of mobile mining equipment populations globally for trucks, loaders, graders, dozers, excavators and shovels. This report includes informative breakdowns by each major region and key mining country, and also by major commodity. Read GlobalData’s Global Surface and Underground Mining Equipment: Populations & Forecast to 2025 for a complete view of the market, allowing you to best position yourself for the future.
by GlobalData
Enter your details here to receive your free Report.

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