Goa’s Directorate of Mines & Geology made the announcement on November 18.
“The company is declared as ‘Preferred Bidder’ with (the) highest final offer price at 92.60% of ‘value of mineral dispatched’,” a stock exchange filing read.
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The mineral block holds projected iron ore resources of 48.5 million tonne, in addition to 2.7 million tonnes of ore in dumps.
“The projected Iron Ore Resources is 48.5 million tonne in addition to 2.7 million tonne of ore in dumps,” the stock exchange filing added.
JSW Steel plans to secure the necessary statutory clearances, Letter of Intent, and execute the lease deed, as well as the Mine Development and Production Agreement (MDPA), to commence mining operations.
JSW Steel reported a net profit of ₹404 crore for the September quarter, compared to the ₹2,773 crore reported during the same quarter last year. The bottom line slid 85% on a year-on-year basis. The company reported a one-time loss of ₹342 crore on surrendering one mining lease.
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For the quarter, revenue stood at ₹39,684 crore as against ₹44,584 crore. The top line was below CNBC-TV18’s poll of ₹41,847 crore. The top line missed on weak prices. JSW Steel’s operating profit or EBITDA stood at₹5,437 crore, as against CNBC-TV18’s estimate of ₹4,642 crore.
Margin came in at 13.7%, compared to CNBC-TV18’s poll of 11.1%. EBITDA was better on inventory credit, which has aided gross margins. The management said that a sharp fall in realisation was offset by lower costs (lower mining royalty, and other expenses).
Shares of JSW Steel Ltd ended at ₹946.00, down by ₹3.70, or 0.39% on the BSE.
First Published: Nov 19, 2024 8:50 PM IST
