India: Chandiposhi Iron Ore block fetches highest bid of 85.5% in technical round

The companies which have placed initial bids in cleared the technical round for Chandiposhi Iron Ore Block are Ramgad Mining & Minerals, Rungta mines, Bajrang, Amalgam Steel, TP Sons, KJS Ahluwalia, AM/NS India, JSPL, Vedanta, Bhushan Power and SJSPL .

Sources informed SteelMint that there were eleven technically qualified bidders for the Chandiposhi iron ore block with the highest bid being around 85.5% by Ramgad Mining . The highest initial price offer amongst the "technically qualified bidders" shall be the floor price for the second round of the e-auction.

The virgin mine has an area of 131.58 hectares (ha) with explorations done up to the G2 level. The mine has total geological resources of 35.86 million tonnes (mn t) Fe content of 58.81% and 11.21 mn t Fe 47.67% .

The government has put 10 iron ore blocks under the hammer in this round. Odisha's Department of Steel and Mines expects to complete the auction process by Sept'21-end and after the current tranche of 11 mineral blocks, it may auction another five blocks as composite leases. The Odisha government is expected to announce the technically qualified bidders for other mines gradually in the coming days.

Odisha iron ore mine block auction summary - Phase II