Jindal Steel And Power Declared Preferred Bidder For Kasia Iron Ore Mine, Stock Up 1%

Jindal Steel and Power Share Price: On Thursday, JSPL opened on the BSE at Rs 369.10, touching an intra day high of Rs 374, and an intra day low of Rs 369, so far.

Share price of Jindal Steel and Power (JSPL) gained around one per cent on Thursday, September 23, after the infra major was declared the preferred bidder for the Kasia Iron Ore Mine by the Odisha government. On Thursday, Jindal Steel and Power opened on the BSE at Rs 369.10, touching an intra day high of Rs 374, and an intra day low of Rs 369, in the trading session so far.

Jindal Steel received an official communication from the Odisha government for the grant of mining lease of the Kasia Iron and dolomite mine situated in the state, according to a regulatory filing by the company to the stock exchanges today. The company is declared as the preferred bidder for the mine at a premium of 118.10 per cent. 

The Kasia Mine has a resource of 278 million tonnes of iron ore and comprises of an average Fe grade of approximately 62.5 per cent, The iron ore mine has favourable lumps to the ratio of 20:80, as per the statement.

The e-auction for the Kasia Iron and dolomite mineral block was held on September 18, 2021. The iron ore mine was earlier operated and owned by Essel Mining & Industries Limited, and Jindal Steel can resume operations shortly, enhancing the backward integration for the company.