Indian state-run miner KIOCL Limited, (formerly Kudremukh Iron Ore Company Limited) has signed an agreement with the government of Karnataka state to explore nine iron ore and manganese blocks in the southern state, a regulatory filing by the company said.
In its filing, KIOCL said that it would invest $12 million to conduct the exploration across the nine mineral blocks.
“A work agreement has been entered into by KIOCL Limited and the Department of Mines and Geology of the Karnataka government for carrying out mineral exploration by KIOCL for manganese and iron ore in nine identified blocks in the Bellary and Chitradurga districts of Karnataka,” the regulatory filing said.
KIOCL currently operates a 3.5 million metric ton per annum iron ore pelletization plant in the southern state.