NMDC Ltd and CDMC JV gets LOI for Bailadila Iron Ore Mine

The Mineral Resource Department, Government of Chhattisgarh vide letter dated 26th June 2021 has issued Letter of Intent (LOI) for Bailadila Iron Ore Mine, Deposit-4, South Bastar, Dantewada District in favour of NMDC-CMDC Limited (NCL), Raipur, a JV Company of NMDC Limited (holding 51% equity share capital) along with CMDC (Chhattisgarh Mineral Development Corporation) (holding 49% equity share capital), for iron ore mining over 646.596 Ha. in Dantewada Forest Division, Chhattisgarh.

Bailadila Iron Ore Deposit-4 is located north of Deposit-5 on the western flank of the Bailadila range of hills, lying at a distance of about 135 kms towards south-west of Jagdalpur. It is a big and homogeneous iron ore deposit having onsite Reserve of approximately 107 MT with an average grade of Fe of 65.39%.

Ministry of Mines, GOI on 30th September 2019 has granted its prior approval for reservation of Bailadila Iron Ore Deposit-4 (Total Area 646.596 Ha.), in favour of NMDC-CMDC Ltd.

Shares of NMDC LTD. was last trading in BSE at Rs.169.65 as compared to the previous close of Rs. 175.3. The total number of shares traded during the day was 3290647 in over 23158 trades.

The stock hit an intraday high of Rs. 175.5 and intraday low of 168.35. The net turnover during the day was Rs. 565356305.

Source : Equity Bulls

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