Tuesday, Jul 7 2020 | Time 02:03 Hrs(IST)
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Business Economy


TSML completes mining lease execution of Kamarda & Sruabali Chromite mines

Bhubaneswar, Jun 30 (UNI)Tata Steel Mining Limited (TSML), formerly known as TS Alloys
Ltd., has successfully completed the mining lease execution for two leases namely Kamarda
Chromite Mine and Saruabil Chromite Mine in Jajpur district in Odisha.
The agreements were formally signed by Ranjan Kumar Das,Collector and District
Magistrate, Jajpur, and M C Thomas, Managing Director, Tata Steel Mining Limited at
Jajpur.
These mines were auctioned by the Government of Odisha and the leases are granted
for a period of 50 years.
Among the commercial leases expired on Mar 31, 2020, and auctioned, these are the
first leases to be converted into mining leases, across India.
After becoming the highest bidder, the Company was given a Vesting Order by
Government of Odisha in May 2020.
TSML has completed all steps such as upfront payments, execution of Mine Development
and Production Agreement (MDPA) as well as maintained all other eligibility criteria.
The Odisha Government,in its part, granted vesting order with all the clearances for two
years as well as declared the Company successful bidder before formally communicating
the grant order enabling the lease for execution.
TSML Managing Director M C Thomas thanked the Odisha government for the exceptional
support in processing these approvals in less than 30 days from the date of LOI.
The coordinated efforts by various Odisha Government agencies led by the Department of
Steel and Mines,District Collector at Jajpur and other officials have made this possible in these unprecedented times.
“We consider this a significant milestone for Tata Steel Mining Limited. We are looking
forward to embark on this journey with active support of the State of Odisha and all our
stakeholders,” Mr.Thomas said.
As a responsible corporate, Tata Steel Mining is committed to excellence in governance
and treats all its stakeholders as partners in long-term value creation, he said.
TSML is a 100 per cent subsidiary of Tata Steel Limited. The Company is working to
develop commercial mining opportunities in addition to Ferro Alloys business.
UNI DP BM
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