Vedanta Ltd wins bid for iron ore block in Goa

Vedanta Ltd on Saturday said it has been declared as ''preferred bidder'' for an iron ore mine in Goa.

The government of Goa had invited tenders to participate in electronic auction for grant of mining lease in respect of iron ore mines in the state, the company said in a regulatory statement.

The company said it had submitted its bid for grant of mining lease.

''As per the notice dated June 9, 2023, issued by the Directorate of Mines & Geology, Government of Goa, the company has been declared as 'preferred bidder' in respect of electronic auction of block VII - Cudnem mineral block based on highest final price offer of 93.15 per cent,'' it said.

The grant lease by the Goa government shall be subject to making of necessary payments, completion of other terms and conditions of the tender document, Vedanta Ltd said.

Iron ore is a key raw material used in steel manufacturing.