India: 38 companies in race for 10 iron ore blocks in Odisha

Odisha's upcoming mineral auctions of 10 blocks have drawn 123 bids* from 38 mining and metal companies as on Tuesday, the last day for submitting initial bids.

Officials in the state department said steel majors such as Tata Steel and JSW Steel, Jindal Steel and Power Limited, AM/NS, had placed bids as had Essel Mining and Industries Limited, Rungta Mines Ltd, MSPL, Vedanta and OMDC by the cut off of 3 pm.

The forward auction for these blocks which includes four working mines will start on September 16. It is for the first time since the beginning of the mining auction process in the state since 2015, a bauxite block will be auctioned. Government officials said as many as six players are in the race for the Karlapat bauxite block.

The current auction process is being done in accordance with the new auction rules issued by the Union mines ministry that bars any mandate on captive use. Its also being held at a time when the state is in the process of recovering compensation running into hundreds and thousands of crores from miners who participated in auction held a year ago that fetched huge unsustainable premiums.

Odisha's Steel and Mines department expects to complete the auction process by September-end and after the current tranche of 10 blocks, may auction another five blocks as composite leases.

*updated

Source: SteelMint Research