The company acquired Block-VI of Cudnem-Cormolem and Block-IX of Surla-Sonshi iron ore mines with the highest final price offers. JSW offered 96.65% of the shipped mine value for Block-VI and 109.80% of the value for Block-IX. JSW Steel plans to commence mining operations at these mines upon receipt of the letter of intent and necessary permits.
Indian private sector resource firm Vedanta also won the Block-VII tender for the Cudnem mine during the same auctions. JSW Steel had earlier acquired Jaisinghpura south iron ore mine in Karnataka and Surjagad 4 iron ore mine in Maharashtra earlier this year.
These acquisitions are in line with JSW Steel's expansion plans. The company aims to increase its own iron ore supply to support the expansion of the Vijayanagar plant to 17 million tonnes per annum (t/y) and phase 2 of the Bhushan Power and Steel (BPSL) plant from 3.5 million t/y to 5 million t/y. These expansions are scheduled to be completed in the financial year April 2023-March 2024. JSW currently operates a 10 million tonnes/year steel plant in Dolvi, Maharashtra.
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