Vedanta shares surged 2% after the company was declared the ‘Preferred Bidder’ for two major mining blocks. The blocks are the Gollarahatti-Mallenahalli Nickel Chromium and PGE Block, located in Karnataka, and the Genjana Nickel, Chromium, and PGE Block in Bihar.
Vedanta secured these blocks with the highest final price offers of 15.00 percent for the Gollarahatti-Mallenahalli Block and 6.05 percent for the Genjana Block. The Gollarahatti-Mallenahalli Block covers 1238.122 hectares and is at the G4 level of exploration. The Genjana Block spans 788.85 hectares and is at the G3 level of exploration.
The Ministry of Mines, Government of India, invited tenders for these blocks as part of Tranche II and Tranche III auctions announced earlier this year. Vedanta participated in the live e-auction and emerged as the preferred bidder for both blocks. This announcement was made in a press statement on July 21.
