JSW Steel emerges 'preferred bidder' of mining lease

In two blocks in Goa, JSW Steel has been the "preferred bidder" for the mining lease, according to a regulatory filing the steel manufacturer with headquarters in Mumbai made on June 12. ISW Steel informed the stock exchanges, "The business has been declared as a 'preferred bidder' pursuant to communication dated June 9, 2023, received from the Directorate of Mines and Geology, Goa. The state government organised the auctions.

The iron ore deposits of the two blocks, Block VI- CudnemCormolem Mineral Block and Block IX-Surla-Sonshi Mineral Block, are estimated to be 9.77 million metric tonnes (MIMT) and 65.73 MMT, respectively, and are in the North Goa districts.

According to the exchange filing, JSW Steel offered the highest final price for Block VI at 96.65 percent of the value of the minerals despatched, making it the preferred bidder. According to the petition, it was 109.80 percent for Block IX.