The four iron ore blocks, situated in Chhattisgarh, are likely to be auctioned on Tuesday, according to the mines ministry.
The government held a meeting with several stakeholders recently to initiate the auction process, Additional Chief Secretary-cum-Mines Commissioner Harjot Kaur Bamhrah said.
JSPL is in a sweet spot, with debt falling, higher capacity coming on stream and use of captive raw material increasing
In a bid to ensure raw material self-sufficiency, Sajjan Jindal-led JSW Steel is planning to participate in the upcoming auction of iron ore mines in Karnataka and other states.
Tata Steel has commenced the feasibility study on two Canadian iron ore mines, with estimated 5.6 billion tonne reserves, for possibly buying a stake in them to feed its European operations.
Karnataka government has recommended approval of eight iron ore mines in the state with a total capacity of 5.5 million tonnes per year, said H.R. Srinivasa, director, department of mines of geology in the state.
Seshagiri Rao, joint managing director and group CFO of JSW Steel tells CNBC-TV18 that all allegations of illegal iron ore mining in Karnataka have no merit and that the company will cooperate 100% with all investigating authorities.
Steel industrialists operating out of Karnataka have put forward a petition to the state government asking for the Supreme Court's order for continuous supply of 2.5 million tons per month of iron ore at market price be maintained, learns CNBC-TV18.
Global miner Rio Tinto on Thursday posted a 12% rise in second-quarter iron ore production versus a year ago and said its Australian coal operations were recovering from flood-related disruptions but also warned of cost pressures.