Coal India declared preferred bidder for Odisha iron ore block
COALINDIA · price
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Coal India has been declared preferred bidder for the Gadadharpur Iron Ore Block in Kendujhar, Odisha, awarded by the state government. The G3 exploration stage block holds 288 MT of iron ore resource. Coal India gets 1 year to formalize the bid and 3 years to execute the mining lease deed, paying an auction premium of 114.05 percent of the mineral value dispatched. This marks Coal India's move into iron ore mining beyond coal.
Diversification into iron ore mining with a sizable 288 MT resource could open a new revenue stream over time, though lease execution will take years.