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Goa-based Fomento bags Odisha's Nadidih mine

The mineral block with a geographical area of 73.85 hectares and mineralised area of 36.6 hectares is expected to have iron ore deposit of 20.48 million tonnes.

Published: 11th February 2020 08:54 AM  |   Last Updated: 11th February 2020 08:54 AM   |  A+A-

A lorry and an earth-mover at a mining site. (Image used for representational purpose only)

By Express News Service

BHUBANESWAR: Goa-based Sociedade De Fomento Industrial Private Limited bagged Nadidih iron block in Koira cirle of Sundargarh district by committing to pay 141.25 per cent premium on the sale value of the ore to the State Government. Nadidih iron ore block is one of the oldest in Koira mining sector. It has been in operation since October 1967. Bonai Industrial Company Ltd (BICO), a company owned by MD Rustagi, is the current lease holder of the mining block.

The mineral block with a geographical area of 73.85 hectares and mineralised area of 36.6 hectares is expected to have iron ore deposit of 20.48 million tonnes. Sociedade De Fomento Industrial (SFI), a member company of Fomento Resources, has extensive experience in geological investigation, prospecting, surveying, resource evaluation and iron-ore processing.

This is the highest bid offer given by any company for winning a mineral block in the State.

The previous highest offer was 135 per cent premium by Shyam Ores Jharkhand Pvt Ltd for Jilling-Logalota iron ore block.

Femento, one of the 10 qualified bidders for Nadidih block, had offered the lowest premium of 52.2 per cent while Yazdani Steel had offered a premium of 81.65 per cent.

The other qualified bidders were T P Sao (72.5 per cent), Brahmani River Pellets Pvt Ltd (BRPL) 73 per cent, Lal Traders 72.5 per cent, BICO 66.15 per cent, Vishal LPG Industries 66 per cent, Jindal Steel and Power Limited 63 per cent, Easter Range Coal Mining 56.62 per cent and ArcelorMittal 55 per cent.

The e-auction of Gorumahisani iron ore block in Mayurbhanj district was in progress on Monday till the report was filed. Of the 22 companies that responded to the tender notice of the State Government for the block, 11 bidders qualified for the final bidding with estimated ore reserve of 17.60 million tonnes. Ghanashyam Mishra and Sons Pvt Ltd, the current leaseholder of the mineral block is one among the qualified bidders.

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