Bhubaneswar: Tata Steel Mining Limited (TSML) has successfully completed the mining lease execution for two leases namely Kamarda Chromite Mine and Saruabil Chromite Mine in Odisha’s Jajpur district.
The agreements were formally signed by district collector Ranjan Kumar Das and TSML managing director M C Thomas.
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.
On this development, M C Thomas said, “We thank the Government of Odisha for the exceptional support in processing these approvals in less than 30 days from the date of LOI.
The coordinated efforts by various government agencies 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”.
As a responsible corporate, Tata Steel Mining is committed to excellence in governance and treats all its stakeholders as partners in the long-term value creation.
TSML is a 100% subsidiary of Tata Steel Limited and is head quartered in Bhubaneswar, Odisha. The Company is working to develop commercial mining opportunities in addition to Ferro Alloys business.