JSW Steel surrenders Odisha iron ore lease due to financial issues

06 Aug 2024 CW Team

JSW Steel has formally notified the surrender of its mining lease for the Jajang iron ore block in Keonjhar, Odisha, due to economic unviability. The block was one of four iron ore mining leases acquired through an auction in 2020.

In a regulatory filing, JSW Steel stated that the decision to surrender the lease was made on August 3, citing "uneconomic operation" as the primary reason. The surrender is pending requisite approvals from the authorities.

JSW Steel's move reflects the challenges faced in the mining sector and highlights the need for economic feasibility in operations.

(ET& PTI)

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