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India's Shyam Metalics obtains letter of intent for iron ore mining license

2 Apr 2024 20:44 reported by Hazel Chen

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Shyam Metalics and Energy Ltd. (SMEL), an Indian metal-producing company, stated that its joint venture company, Natural Resources Energy Private Limited (NREPL), successfully obtained a letter of intent for a comprehensive license in the iron ore mining area in Maharashtra state. Dorite Tracon, the sponsoring company of SMEL, holds a 49% economic interest.

The letter of intent was valid for one year from the date of issuance, during which time NREPL was required to fulfill all necessary conditions to obtain the final comprehensive license from the Maharashtra State Government.

It was understood that the mining area involved in the above-mentioned comprehensive license was the Surjagad 1 mining area, located in Gadchiroli District, covering an area of 1,526 hectares. Previously, NREPL had successfully bid in the electronic auction of the mining area and submitted a final bid of 126.35%, demonstrating its commitment to the value of the project.

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