KIOCL signs pact of Rs 81.53 cr with Karnataka govt for mineral exploration

New Delhi, Dec 09: Bengaluru-based public sector undertaking KIOCL on Monday said it has entered into a pact with Karnataka government for mineral exploration in nine manganese and iron ore blocks in the state at an estimated cost of Rs 81.53 crore.

"Work agreement had been entered into between KIOCL Ltd and Dept of Mines & Geology, Govt of Karnataka...for carrying out mineral exploration by KIOCL Ltd for manganese and iron ores in nine identified blocks in Bellary and Chitradurga districts of Karnataka at a total estimated cost of Rs 81.53 crore plus GST," the state-owned firm said in a BSE filing. KIOCL Limited -- formerly known as Kudremukh Iron Ore Co Ltd -- is a company under the steel ministry.

The company has experience in operating iron ore mining, beneficiation and iron-oxide pelletisation in the country. It has 3.5 million tonne per annum (MTPA) iron-oxide pellet plant to manufacture pig iron at Mangaluru, Karnataka.