New Delhi: Coal India Limited (CIL) on Thursday said it has emerged as the preferred bidder for the Gadadharpur Iron Ore Block in Odisha's Kendujhar district.

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In a regulatory filing, the Maharatna PSU said the Government of Odisha has awarded it the status of preferred bidder for the Gadadharpur Iron Ore Block through an auction process. As part of the mining lease terms, Coal India will pay an auction premium of 114.05 percent of the value of mineral dispatched to the Odisha government.

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The company said the block is at the G3 exploration stage and has an estimated total resource of 288 million tonnes (MT).

According to the filing, Coal India has been given one year to become the successful bidder, while the execution of the mining lease deed is expected to be completed within three years.

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