Shares of the National Aluminium Company Ltd. (NALCO) rose as much as 5.6 percent to Rs 50.80 a piece after the company was granted the permit for Pottangi bauxite mines in Odisha.
The lease is for a period of 50 years, and covers an area of 1,738 hectares, the company informed the Bombay Stock Exchange. The mine is located in the Koraput district, where the company’s 22.7 lakh tonne alumina refinery is located, the government-owned company added.
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In November 2015, NALCO had proposed an investment of Rs 5,600 crore to expand its existing aluminium refinery in Koraput.
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