A major multi-billion-dollar conglomerate from India has just won five iron ore mines, securing an iron ore reserve estimate of close to 111 million tonnes.
JSW Steel, India’s leading primary and integrated steel producer, has won five mines located in Karnataka through auction.
“The company has won five mines in the auctions of C-category iron ore mines in Karnataka. Two mines (0.71metric tonnes per annum (MTPA) capacity) will be operational by first half of 2017-18 and the remaining three will be operational by the end of the fiscal. All five mines are expected to produce approximately 4.7 MTPA iron ore,” JSW Steel said in its Annual Report 2016-17.
JSW Steel CMD Sajjan Jindal said: “The government has put in place a transparent mechanism for allocation of mineral resources through auction. We participated in auctions of iron ore mines in Karnataka and won five mines in October 2016, which have estimated reserves of 111 million tonnes, that meets approximately 20% of the total requirement at Vijayanagar.”
The company is also striving to commence mining at the earliest, while continuing to bid for more iron ore and coal mines, he said.
Who is JSW Steel
JSW Steel is one of India’s leading integrated steel manufacturers with a capacity of 18 MTPA. It is one of the fastest growing companies in India with a footprint in over 140 countries. With state-of-the-art manufacturing facilities located in Karnataka, Tamil Nadu and Maharashtra, it is recognized for its innovation and quality.
Steel is a vital necessity in an emerging economy like India and all our endeavours are therefore a way to leverage this potential for growth,” says MVS Sehagiri Rao, JMD and Group CFO, JWS Steel.