JSW Steel, a prominent player in the steel industry, announced on Thursday the withdrawal of its earlier application to surrender an iron ore mine situated in Keonjhar, Odisha.
The company had previously submitted a notice in September, intending to relinquish the mining lease of the Jajang iron ore mine, which it had acquired through an auction process.
In a statement filed with the Bombay Stock Exchange (BSE), JSW Steel stated, “Upon considering the demand and supply scenario of iron ore in India, the company has today withdrawn its application for the Final Mine Closure Plan submitted on 1st September 2023 before the Indian Bureau of Mines for the purpose of surrender of Jajang Iron Ore Block located in the district of Keonjhar, Odisha.”
This decision to retract the surrender application signifies a strategic shift in JSW Steel’s approach concerning the mining lease, reflecting a reassessment of the prevailing iron ore market dynamics within the country. The move underscores the company’s reevaluation of its stance on the Jajang Iron Ore Block, suggesting a potential continuation or rethinking of operations at the site.
The development is anticipated to draw attention within the mining and steel sectors, considering its potential implications on JSW Steel’s operations and the broader iron ore market landscape in Odisha.