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Patnaik Minerals and Fomento Resources Bag Iron Ore Blocks in Odisha

Steel News - Published on Wed, 12 Feb 2020

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According to reports in Odisha media, the rights to the Mahulsukha iron ore and manganese mines in Odisha have been won by Patnaik Minerals during an auction process held by the state’s Department of Steel & Mines by bidding 92.70% of the average sale to the government of Odisha. A total of seven mining firms were competing alongside Patnaik Minerals for the rights to the Mahulsukha block, which is estimated to have reserves of 32.81 million tonnes of iron ore and 0.731 million tonnes of manganese. The iron and manganese ore block is spread over an area of nearly 400ha, out of which the mineralised area is 202 hectare, while the non-mineralised area is 197.8 hectare. The other bidders for the composite block located in the Sundargarh district were TP Sao, LTA, Freegrade, GV Mines, Yazdani, and Shyam Ore.

Fomento Resources Sociedade De Fomento Industrial Private Limited bagged Nadidih iron block in Koira cirle of Sundargarh district by committing to pay 141.25 per cent premium on the sale value of the ore to the state government. Nadidih iron ore block is one of the oldest in Koira mining sector. The mineral block with a geographical area of 73.85 hectares and mineralised area of 36.6 hectares is expected to have iron ore deposit of 20.48 million tonnes.

Other Iron Ore Blocks in Auctions
Nuagaon, Narayanposhi, Ganua, and Jajang – JSW Steel
Thakurani - ArcelorMittal India
Roida II - Khatua Narbheram & Co
Jilling-Langalota - Shyam Ore
Balda - Serajuddin and Co

The previous highest offer was 135 per cent premium by Shyam Ores

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Posted By : Rabi Wangkhem on Wed, 12 Feb 2020
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