JSW Steel declared preferred bidder for Karnataka's iron ore mine

JSW Steel on Wednesday said it has emerged as the preferred bidder for the Jaisinghpura North Block iron ore mine in Karnataka.

JSW Steel has received a communication from the Karnataka government in this regard, the company informed the exchanges.

"The Company has been declared as a preferred bidder vide communication dated October 11, 2023, received from the Office of the Director, Department of Mines and Geology, Government of Karnataka, for Jaisinghpura North Block, in the Auction held on August 2, 2023," the filing said.

The highest final offer price by the company to become a "Preferred Bidder" is 150.3 per cent of the value of the mineral dispatched. The projected iron ore resource is 17.66 in MMT (metric million tonnes).

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

Part of JSW Group, JSW Steel is a leading steel-making company in India.