Tata Steel Mining, formerly TS Alloys, has completed the process for signing up mining lease of Kamarda Chromite Mine and Saruabil Chromite Mine at Jajpur in Odisha on June 26.

The company had emerged as the highest bidder for the Saruabil chrome deposit which was held by Misrilall Mine, with a bid of 88.5 per cent of the sale value of the mineral, besides much smaller Kamarda deposit held by BC Mohanty and Sons with a bid of 96.8 per cent.

The current leases of these mines ended on March 31 and was put on auction by the Odisha government.

The leases were granted for 50 years and were the first leases to be converted into mining leases, across India.

Chromium from the ores of chromite is used in manufacturing of stainless steel, tool steel, and armour-piercing projectiles, among others.

After becoming the highest bidder, the company was given a vesting order by Government of Odisha in May.

TSML has completed all steps such as upfront payments, execution of Mine Development and Production Agreement and maintained all other eligibility criteria.

MC Thomas, Managing Director, TSML, said the Odisha government has granted vesting order with all the clearances for two years and declared the company successful bidder before formally communicating the grant order enabling the lease for execution in less than 30 days from the date of LoI.

The company is working to develop commercial mining opportunities in addition to ferro alloys business.

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