BHUBANESWAR: Rungta Mines Limited has won the Jumka Pathiriposhi Pahar iron ore block in Koira mining circle of Sundargarh district by offering highest premium of 110.15 per cent (pc). Of the 13 bidders in the race for the virgin block, seven cleared the technical round and were eligible for financial round.
While Rungta had submitted the highest financial bid of 86 per cent, the offer from MSPL Ltd was 85.50 per cent, Aditya Birla Group's Essel Mining 68.15 per cent, ArcelorMittal 65.15 per cent, JSPL 63 per cent, Shyam Metalics 63 per cent and Vedanta 60 per cent.
This is the first successful bidding of Rungta, which did not win a single mining block in the auction of 24 mines whose lease period expired before March 31, 2020. The virgin mine has an area of 1.57 sq km (158.509 hectare) with explorations done up to the G2 level.
It has an estimated iron ore resource of 140.28 mt with average grade of 56.14 per cent. Earlier, Tata Steel bagged the Gandhalpada iron ore block in Keonjhar district by offering highest premium of 141.25 per cent.
Of the 13 companies who participated in the technical round for this green field iron ore mine, Tata Steel had offered highest premium of 88.05 per cent. The mine has an area of 2.41 sq km (241.1 ha) with explorations done up to G2 level and geological resource of 314.37 mt of average Fe at 60.48 per cent.