BHUBANESWAR: Electrosteel Limited (ESL), a subsidiary of Vedanta Resources, has successfully bid for the Nadidih iron ore block (BICO) by offering a premium of 95.6 per cent. As many as seven top steelmakers and mining companies including ArcelorMittal, JSPL, JSW/BPSL, Tata Steel, Rungta Mines and Ramgad Minerals/MSPL bid for the mineral block located in Koira mining circle of Sundargarh district. Four of them qualified for the technical bids and participated in the financial round of the e-auction.
The base price offered by ESL was 76 pc followed by Ramgad Minerals 75.6 pc, Rungat Mines 75 pc and ArcelorMittal 60.15 pc. With a leasehold area of 73.855 ha and explored up to G2 level, it has a mineralised area of 36.64 ha. The total geological resources of all grades of iron ore are 27.04 million tonne and the average grade of ore is 60.05 per cent Fe.
Goa-based Sociedade De Fomento Industrial (SFI) Pvt Ltd bagged Nadidih block, one of the mines whose lease expired before March 31, 2020 after a stiff competition and making final offer to pay 141.25 pc premium on the sale value of the ore. One of the oldest mines in Koira, Nadidih is in operation since October 1967.