NMDC transfers Bailadila lease to JV

NMDC transfers Bailadila lease to JV
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Iron ore miner NMDC said on Bailadila Iron Ore Dep-13 lease in South Bastar district of Dantewada region in Chhattisgarh was registered in favour of NCL (NMDC-CMDC Ltd) earlier this month subsequent to the Chhattisgarh Government order issued on November 6 this year.

Hyderabad: Iron ore miner NMDC said on Bailadila Iron Ore Dep-13 lease in South Bastar district of Dantewada region in Chhattisgarh was registered in favour of NCL (NMDC-CMDC Ltd) earlier this month subsequent to the Chhattisgarh Government order issued on November 6 this year.

Earlier, the lease deed of Deposit-13 was executed by NMDC on October 10 pursuant to lease grant order released on July 1 this year. The transfer of lease from NMDC to NCL was warranted as per the clause of the JV agreement and conditions in the lease grant order.

NMDC-CMDC Ltd is a Joint Venture company in which the ratio of equity holding of NMDC and CMDC are 51 per cent and 49 percent respectively. NMDC-CMDC Ltd has planned to start the mining operations in FY19 and the production of Deposit-13 would meet the requirement of Chhattisgarh-based sponge iron industries and other domestic steel makers.

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