JSW Steel emerges preferred bidder for Codli mineral block XII in Goa

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JSW Steel on Tuesday said it has been declared as the preferred bidder for Codli Mineral Block XII at Dharbandora in Goa.

The company has received a communication from the Office of the Director, Directorate of Mines & Geology, Government of Goa, JSW Steel said in an exchange filing.

"The company is declared as 'Preferred Bidder' with highest final offer price at 92.60 per cent of the value of mineral dispatched, it said.

The projected iron ore resources are 48.5 million tonnes in addition to 2.7 million tonnes of ore in dumps, JSW Steel said.

The company will take all requisite steps to obtain Letter of Intent and statutory clearances to execute the lease deed with Mine Development and Production Agreement (MDPA) and start the mining operations.

In a separate filing, JSW Steel said its Italian arm JSW Steel Italy SrL has signed a commercial agreement with Metinvest Adria S.p.A  "As per the agreement, Metinvest is obliged to pay a release fee of Euro 30 million to JSW Steel Italy Piombino SpA. as all inclusive consideration for the transaction," the filing said.