Odisha Auction 2020:  Fomento Bags Nadidih Iron Ore Mine at a Premium of 141.25%

Outstripping other technically qualified bidders in an aggressive auction, Fomento emerged as preferred bidder for Nadidih iron ore mine at a premium of 141.25% shared market sources. This is highest premium fetched so far in Odisha auctions 2020.

The mine fetched highest premium of 81.65% in the technical round. Other prominent bidders were BRPL, TP Sao, Yazdani, Lal Traders, Bonai, JSPL, Eastern Range and ArcelorMittal.

Nadidih is one among the 20 mines in Odisha that are going to expire on Mar’20 and has been put up for auction. The mine is spread in an area of 73.855 Hects. The mine has reserves of 27.04 MnT iron ore and EC limit of 5.3 MnT pa iron ore. The mine produced 3.41 MnT iron ore in FY19 and  2.17 MnT in FY20 (till Nov’19).

Bonai Industrial Company (BICO) was the erstwhile leaseholder of Nadidih mine.


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