The State Government of Odisha had executed a mining lease of Sirkaguttu Iron &Manganese ore mine in favour of the Company in Keonjhar District of the State on 11thJanuary, 2017.

The Company has since received all required statutory clearances for opening of thismine. The Company has now received the grant of surface right permission to openSirkaguttu Iron & Manganese ore mine, Keonjhar, Odisha. The development of mine isbeing undertaken and Iron ore extraction is likely to commence in a fortnight's time. Thesaid Iron ore mine has geological reserves of around 9.9 Million tonnes. With this captivesourcing, the operating margins and profitability of the Company would improvesignificantly.