JSW Steel, Vedanta, NMDC qualify for Karnataka iron ore mines auction

03 October 2016

India’s largest iron ore producer National Mineral Development Corp. Ltd (NMDC), JSW Steel Ltd and Anil Agarwal-controlled Vedanta Ltd, among others, have technically qualified to take part in Karnataka’s iron ore mine auctions.

Others who have technically qualified include MSPL Ltd, Kalyani Steels Ltd, Kirloskar Ferrous Industries Ltd, BMM Ispat Ltd, state-owned Kudremukh Iron Ore Co. Ltd (KIOCL) and SLR Metaliks Ltd.

These 14 deposits have an estimated 127 million tonne (MT) of iron ore reserves. India’s iron ore production for financial year 2015-16 rose to an estimated 135 MT compared with 129 MT the previous year.

According to information available on the website of Karnataka government’s mines and geology department, the technical bids for 14 ‘C’ category iron ore mines were opened on 15 September. However, technically qualified bidders have been announced only for seven iron ore deposits, with the remaining seven blocks finding no takers.

These mines, referred to as category C mines, are primarily located in Bellary and Chitradurga districts.

The Supreme Court had cancelled the leases of 51 iron ore mines in the state in April 2013 wherein it found massive irregularities in terms of environment degradation. These mines were then classified as category C mines by the Supreme court-appointed Central Empowered Committee. Those with few irregularities have been classified as category A mines.

“It is informed that the training and mock auctions for the technically qualified bidders on e-auction platform by MSTC will he held on 26 September,” Karnataka government’s mines and geology department said in a 22 September notification.

India’s iron ore production during the first quarter this financial year went up 43% to 48.23 MT compared with 33.71 MT during the first quarter of the last financial year.

Source – VCCircle