The Business Bytes
New Delhi, July 21, 2024 (TBB Bureau): Billionaire Anil Agarwal-led Vedanta Ltd announced on Sunday that it has successfully acquired two crucial mineral blocks in Karnataka and Bihar through an auction process. According to a filing with the BSE, the company has been named the “preferred bidder” for these blocks.
The specific blocks involved are the Gollarahatti-Mallenahalli Nickel Chromium and PGE Block in Karnataka and the Genjana Nickel, Chromium, and PGE Block in Bihar. The Gollarahatti-Mallenahalli Block is at the G4 level of exploration, while the Genjana Block is at the G3 level.
The exploration of mineral deposits consists of four stages: reconnaissance survey (G4), preliminary exploration (G3), general exploration (G2), and detailed exploration (G1).
The auction of these blocks took place over two rounds, with one block included in the second round of critical mineral blocks auction and the other in the third round.
