KOLKATA | Dec 12, 2017: The country's largest iron ore miner, NMDC Ltd has received approval for transfer of a top iron ore resource Bailadila Deposit-13 in favour of its joint venture company with Chhattisgarh Mineral Development Corporation (CMDC). Earlier the lease deed of Deposit-13 was executed by NMDC on Jnuary 10, 2017 pursuant to lease grant order dated January 7, 2017. The transfer of lease from NMDC to the joint venture company NMDC-CMDC referred to as NCL Ltd was warranted as per the clause of the JV agreement and conditions in the lease grant order.
Accordingly, the Bailadila Iron Ore Dep-13 lease in village Kirandul, Tehsil - Bacheli, in South Bastar district Dantewada in Chhattisgarh has been registered in favor of NCL Ltd on December 4, 2017 subsequent to the state government order dated November 6, 2017, NMDC said in an official statement on Tuesday.
NCL Ltd is a joint venture company in NMDC holds 51% equity shareholding while CMDC has the remaining 49% share. It is planning to start mining operations in the coming financial year 2018-19 and the production from Deposit-13 would meet the requirement of Chhattisgarh-based sponge iron industries and other domestic steel makers, NMDC said in the statement.
(Source: https://economictimes.indiatimes.com/)