We are immensely proud to announce that Mr. Saiyyed Owais Ali (MSTC Regn. Number: 502742), Co Founder of SMO Ferro Alloys Private Limited, has been named the Preferred Bidder for the Bhukia-Jagpura Gold Mining Lease Block in Rajasthan’s Banswara district. By presenting the Highest Final Price Offer, Mr. Ali has secured this prestigious mining lease, marking a monumental step forward in our strategic growth and expansion in the mining sector.
Allocation Details and Tender Process
The Bhukia-Jagpura Gold Mining Lease Block allocation is a significant achievement for our company. Here are the key details:
- Date of Allocation: 06/03/2024.
- Governing Body: Department of Mines & Petroleum, Government of Rajasthan, Directorate of Mines & Geology, Udaipur.
The tender process was comprehensive and competitive, involving multiple stages:
- Technical Qualification: Ensuring compliance with stringent technical requirements.
- Technical Bid Submission: Offering a percentage of equity to the government.
- Selection of Top 5 Bidders: Narrowing down from all qualified bidders.
- Online Auction: Conducted on the MSTC platform, where Mr. Ali emerged as the H1 Bidder, securing the final tender.
Technological Advancements and Operational Plans:
With operations set to commence in April 2026, we are committed to utilizing the latest advancements in underground mining techniques and automation. Our extensive industry experience will be leveraged to ensure maximum efficiency and sustainability in our mining operations. The Bhukia-Jagpura Gold Mine spans 940.26 hectares and contains an estimated reserve of 113.52 million tons of gold ore, valued at ₹110000 crore.
Statements from Leadership
Securing the Bhukia-Jagpura Gold Mine is a testament to our strategic vision and commitment to excellence. We are set to revolutionize the mining sector with cutting-edge technology and sustainable practices.
– Mr. Saiyyed Owais Ali (Co Founder)
This acquisition allows us to expand our operations significantly. We are focused on enhancing our economic impact and ensuring positive community relations.
– Ayushi Porwal (Chief Administrative Officer)
Community and Economic Impact
The Bhukia-Jagpura project is expected to generate approximately 50,000 jobs, both directly and indirectly, significantly boosting local employment and economic development. The state government stands to earn Rs 1 lakh crore in revenue over the next 50 years, with an upfront payment of Rs 500 crore in three installments, beginning with Rs 100 crore within 15 days.
Strategic Importance
This acquisition is a strategic milestone for SMO Ferro Alloys Private Limited. The strategic location and rich reserves of the Bhukia-Jagpura Gold Mine offer substantial potential for expansion and profitability. Our commitment to sustainable mining practices and technological innovation will drive our success in this new venture.
Conclusion
Stay tuned for more updates as we embark on this transformative journey. Our commitment to innovation, sustainability, and community development remains unwavering as we prepare to revolutionize the mining sector. Follow SMO Ferro Alloys Private Limited for the latest news and developments in our ongoing journey towards excellence.