NMDC Shares Gain After Chhattisgarh Extends Leases Of Four Iron Ore Mines
NMDC Ltd. has executed and registered extension of four iron ore mining leases in Bailadila region of Dantewada district of Chhattisgarh.
On Tuesday, shares of the state-run miner rose as much as 2.23 percent to Rs 126.00 apiece—the highest since Jan. 8, 2020.
The mines are Deposit-5, 10, 14 and 14 NMZ, according to a release issued on Monday. "These leases are executed for a period of 20 years from 2015 to the year 2035 with a combined capacity of 29 MTPA," the release stated.
Thanking Chhattisgarh Chief Minister Bhupesh Baghel, NMDC Chairman Baijendra Kumar said the lease extension would ensure uninterrupted iron ore supply to the Indian steel sector.
The mining lease deed execution was completed on Jan. 10 and the registration formalities were completed on Jan. 13.
The miner paid Rs 387 crore towards stamp duty and registration fees, NMDC said.