JSW Steel has been declared as a ‘preferred bidder’ of mining lease for iron ore mineral in two blocks, located in Goa. “The company has been declared as a ‘preferred bidder’ vide communication dated June 9, 2023, received from the Directorate of Mines and Geology, Goa,” the company said in a regulatory filing. The auctions were conducted by the state government, it further added.
The two blocks are VI- Cudnem-Cormolem Mineral Block, and IX-Surla-Sonshi Mineral Block in North Goa, with projected iron ore resources of 9.77 MMT and 65.73 MMT. The highest final price offered by JSW Steel was 96.65 per cent of the value of mineral dispatched for the Block VI- CudnemCormolem Mineral Block and 109.80 per cent of the value of the mineral dispatched for the Block IX-Surla-Sonshi Mineral Block.
The company further stated that it 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.
JSW Steel’s performance
In a regulatory filing today, JSW Steel said that it reported consolidated crude steel production for the month of May, 2023 at 21.78 Lakh tonnes, a growth of 7 per cent YoY. The Company achieved combined production of 22.30 Lakh tonnes, grew by 8 per cent YoY.
Earlier in May, JSW Steel had posted fiscal fourth quarter profit at Rs 3,741 crore, up 11.9 per cent in comparison to Rs 3,343 crore in the same quarter last year. It had posted revenue from operations at Rs 46,962 crore as against Rs 46,895 crore in the corresponding quarter last year. The company had recorded average India capacity utilization of 96 per cent in the fourth quarter, with crude steel production recorded at 6.58mt in Q4, steel sales of 6.53mt in the quarter and captive iron ore self-sufficiency stood at 41 per cent for standalone operations for FY23. In terms of India operations, JSW Steel posted record total, domestic and auto grade sales with consolidated sales up 8 per cent on-year supported by ramp up at “Dolvi Phase-II and BPSL expansion, as well as recovery in exports post removal of export duties in Nov’22”.