JSW Steel declared as preferred bidder for Jaisinghpura North Block iron ore mine in Karnataka

JSW Steel Ltd stocks gain 1% on Thursday's trading session as the company declared as “Preferred Bidder” for Jaisinghpura North Block, in the state of Karnataka.

In an exchange filing, the company stated that it has been declared as a “Preferred Bidder”, received from the Office of the Director, Department of Mines and Geology, Government of Karnataka, for Jaisinghpura North Block, in the Auction held on August 21, 2023.

Further, the highest final offer price by the Company to become a "Preferred Bidder" is 150.3% of the value of Mineral dispatched. The projected Iron Ore Resources is 17.66 in MMT, the company said.

In addition to this, JSW Steel will take all requisite steps as per the tender document to obtain Letter of Intent, all statutory clearances to execute the Lease Deed with Mine Development and Production Agreement (MDPA) and start the mining operations, it stated.

On Thursday during afternoon trading session, shares of JSW Steel were trading at Rs785 per share, higher by 1.05% on the BSE.