JSW Steel has reportedly secured a fourth iron ore mine in the auctions held by the Indian state of Odisha.
The development follows after the company expressed interest in acquiring more iron ore mines during the upcoming auctions in Odisha. Out of the 18 mines under auction, five are of JSW Steel’s interest.
The company has won the Jajang iron ore block through an electronic-auction (e-auction). It is said to hold an estimated 39 million tonnes (Mt) reserves, reported the Press Trust of India.
The other three include Narayanposhi, Nuagaon and Ganua.
The third iron ore mine in Ganua has a capacity of 118Mt of ore.
JSW Steel is committed to paying 132% of its sale value to the Government of Odisha, said The Economic Times (ET).
Last month, JSW Steel secured the second iron block, Narayanposhi, in Odisha, which has the capacity of more than 190Mt of iron ore.
The first one, Nuagaon, has a total estimated reserve of around 790Mt.
The company is currently in the process of procuring land in Jagatsinghpur in Odisha for a planned greenfield project.
JSW Steel commercial, marketing and corporate strategy director Jayant Acharya was quoted by ET as saying: “We remain interested in the upcoming iron ore mining auctions because we would like to have a backward linkage.”
According to the publication, the steel firm has already taken over part of the land and is yet to complete the rest of the process related to the acquisition.
Acharya added: “At an appropriate time, we will take it (the project) forward.”
Meanwhile, Shyam Ore (Jharkhand) has committed 135% premium for Jilling-Lanagalota iron ore block in Odisha’s Keonjhar district.
In addition, ArcelorMittal India has won Thakurani iron ore block.