JSW Steel wins iron ore mines' contract in Karnataka

JSW Steel has been declared as Preferred Bidder for three iron ore mines with an estimated resource of iron ore of around 92.97 million metric tons (MMT) in the auctions held recently. The three mines are Narayanpura Manganese & Iron Ore Mine, Dharmapura Iron Ore Mine & BBH Mines, revealed an industry insider. 78.88% of the average monthly price of iron ore of different grades and quality are published by the Indian Bureau of Mines in Karnataka from time to time. In a notification to the exchanges recently, the company said it will take all requisite steps as per the tender document to obtain Letter of Intent, all statutory clearances, execute Mine Development and Production Agreement (MOPA) and start the mining operations as quickly as possible. Earlier, JSW Steel was declared Preferred Bidder for six Category "C" iron ore mines with an estimated resource of around 120.714 MMT, in the e-auctions conducted by the Karnataka government.