JSW Steel Ltd. has surrendered one of its iron ore block in Odisha citing "uneconomic" operations.
The steelmaker has submitted a notice for surrender of mining lease on 1.9.2023 as per applicable laws in respect of one mine, namely Jajang Iron Ore Block located in the district of Keonjhar, Odisha, out of the aforesaid 4 mines.
The surrender is subject to the government's approval, the company said in an exchange filing on Friday.
The steelmaker had written to the state government in 2021, saying it wanted to surrender this same mine. However, it withdrew the request subsequently.
The steel manufacturing company has four iron ore mining leases in Odisha, which were acquired through auction in 2020.
Shares of JSW Steel rose 3.51% to close at Rs 807 per share on Friday, as against a 0.94% gain in the benchmark Nifty 50.
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