India: Fomento bags Kalay iron ore mine in Goa at recent auction

The Goa government recently auctioned off four iron ore blocks. As per the latest updates, Sociedade De Fomento Industries Pvt Ltd has won the Kalay iron ore mineral block in south Goa.

The company emerged as the preferred bidder for Kalay mineral block at a premium of 86.4%, market sources said.

The Kalay mineral block is spread across an area of 179.18 hectares. The mine has reserves of 20.83 mnt of iron ore with the average grade being Fe 56.5% as per annual returns.

Eleven companies had placed technical bids for four iron blocks in Goa. The auctions are taking place after years of litigation, and will indicate interest in Goa's relatively low-grade ore that is primarily been exported over the last 60-odd years.