Construction Industry News
JSW Steel, which is managed by Sajjan Jindal, plans to invest $20 million to create a brand new coking coal mine in Jharkhand. The company is awaiting an official announcement from the government after being named the winning bidder for the recently auctioned coking coal mine. The new mine should be commissioned in two to three years, according to JSW Steel. The mine, like the company's Moitra coking coal mine, located in the same state, has reserves of about one billion tons.
To reduce costs in general, the company would mix 20-30% of domestic coal with high quality coal, according to Seshagiri Rao, Joint Managing Director, JSW Steel.
"Once both mines are operational in 2-3 years, we will receive about a million tons clean. coal, which accounts for 6-7% of our annual need," he added.
On the challenges of creating a new mine, he noted that the company has extensive expertise in the industry and already manages four mines in Odisha, nine in Karnataka, a lignite mine in Rajasthan, one mine each in Dubai and the US, and four mines in Rajasthan.
