"Work agreement had been entered into between KIOCL Ltd and Dept of Mines & Geology, Govt of Karnataka...for carrying out mineral exploration by KIOCL Ltd for manganese and iron ores in nine identified blocks in Bellary and Chitradurga districts of Karnataka at a total estimated cost of Rs 81.53 crore plus GST," the state-owned firm said in a BSE filing.
In December 2018, KIOCL had said it was planning to sign a memorandum of understanding (MoU) with SAIL to set up a pellet plant under a joint venture (JV).
KIOCL has reported a standalone total income from operations of Rs 393.18 crore and a net loss of Rs 3.62 crore for the quarter ended Jun-2018
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The iron ore beneficiation plant will have a capacity of four million tonnes per annum (MTPA) and the pelletisation unit will have a capacity of two MTPA, Kudremukh Iron Ore Company Ltd (KIOCL) said in a statement.
The potential Indian investment could offer cheaper supplies of processed iron ore to Iranian steel mills that, like most companies around the world, are having to contend with cut-price steel from an oversupplied China.
State-owned KIOCL today said it is exploring the possibilities of acquiring iron ore deposits in Mozambique.