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Odisha Auction 2020: TS Alloys Wins Sukinda Chromite Mine

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Chrome Ore

BigMint Bureau

1040 Reads

17 Mar 2020, 17:39 IST

Odisha Auction 2020: TS Alloys Wins Sukinda Chromite Mine

Sukinda Chromite Mine was put under the hammer today (17th Mar) in which TS Alloys, a TATA subsidiary emerged as a preferred bidder at a premium of 93.75%, shared market sources. The mine was reserved for merchant use.

The mine fetched the highest premium of 93.65% in the technical round. Sukinda is one of the largest mines for Chrome ore, but surprisingly only one bid was placed apart from TS Alloys. Other prominent bidders in the technical round were Rungta, Vedanta and MSPL. The major reason being it needs a huge investment to carry out underground mining when the situation is not favourable. Ferro Chrome production in China is on the rise which is building a fear of Ferro Chrome market losing its profitability in future.

Sukinda Chromite Mine is amongst the mines that are going to expire on Mar'20 and has been put up for auction. The mine is spread in an area of 406 hectares. The mine has EC limit of 2.4MnT. The mine has reserves of 95 MnT Manganese ore.