JSW bags Ajgaon Iron Ore Block in Maharastra
Biznextindia : Sajjan Jindal controlled JSW Steel has been declared as a “Preferred Bidder” for Composite Licence of unexplored Ajgaon Iron Ore Block of Sindhudurg District in the State of Maharashtra , in the Auctions held by the State Govt. of Maharashtra on 30th March 2022.
The highest final offer price by the Company to become a “Preferred Bidder” is 25% of average monthly prices of iron ore published by the Indian Bureau of mines (IBM).
“The highest final offer price by the Company to become a “Preferred Bidder” is 25% of average monthly prices of iron ore of different grades and quality published by Indian Bureau of Mines in the State of Maharashtra from time to time. The Company will take all requisite steps as per the tender document to obtain Letter of Intent, all statutory clearances to execute the Lease Deed with Mine Development and Production Agreement (MDPA) and start the mining operations. This is for your information and in compliance with applicable Regulation of the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015” JSW said.
The Ajgaon Iron Ore block has G4 exploration status, which means that the Geological Survey of India (GSI) has conducted reconnaissance survey only and the composite license holder will have to conduct further stages of exploration i.e. G3 to G1 before commercial mining.