Odisha Mining Auction: Fomento Bags Nadidish Iron Ore & Manganese mines in Odisha

Bhubaneswar:  Goa-based Sociedade De Fomento Industrial Pvt Ltd. has bagged the Nadidih Iron & Manganese mines in Odisha’s Sundergarh district. The company has won the bid after committing to pay 141.25% premium over the average sale of Iron Ore to the state government.

As many as ten companies were in race for the composite mines including the current leaseholder Bonai Industrial Company Ltd (BICO) and big names like Arcelor Mittal, JSPL, BRPL, Yezdani international & Lal Traders.

Spread over an area of 121 hectares, the mine has estimated Iron Ore reserves of 27.04 million tonnes. The mine produces 89.334% Fines and 10.666% Lumpy ore.

However, Manganese Ore resource has not been estimated as there is no workable deposit. On Saturday, Pattnaik mineral had bagged the Mahulsukha Iron Ore & Manganese composite mines.

This is the tenth of the 19 mines being auctioned by the Odisha government. Out of these 10 mines JSW has bagged 4 mines– Nuagaon, Narayanposhi, and Ganua and Jajang  – with total ore reserve of 1,138.34 million tonnes.

On the other hand, Arcelor-Mittal, Shyam Ore, Sirajuddin, Khatua Narbheram, Pattnaik Minerals have bagged one block each.