Lloyds Metals up 4% on capacity expansion of iron ore mining

The share touched a 52-week high of Rs 687.85 on August 9, 2023 and a 52-week low of Rs 189.00 on December 14, 2022

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Lloyds Metals and Energy share price rose 4 percent in the early trade on December 11 after the company announced getting the board’s approval for capacity expansion.

At 9.31 am, Lloyds Metals and Energy was quoting at Rs 638.55, up Rs 24.10, or 3.92 percent, on the BSE.

“………….. has received approval from board of directors for an expansion of iron ore mining capacity up to 55 million tonnes per year, and establishment of 45 million tonnes per annum Banded Hematite Quartzite (BHQ) Beneficiation plant at Hedri, Gadchiroli district,” the company said in a release.

The company had already approved Rs 364.28 crore for the expansion of Surjgarh mine capacity and proposed to set up of BHQ beneficiation plant with an investment of Rs 5,000 crore, it said.

The board approved establishment of 3 million tonnes integrated steel plant in Gadchiroli district with an investment of Rs 16,000 crore.

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The board also approved enhancement of the earlier approved 1 X 4 million tonnes per annum pellet plant to 2 X 4 (i.e.,8) million tonnes per annum pellet plant at Konsari, District aGadchiroli.

The previously approved investment requirements for the said enhancement was Rs 2,406 crore, while the total investment required is Rs 4,500 crore.

For company’s Surjagarh mine, Tata Steel Industrial Consulting (TSIC), the consulting arm of Tata Steel, submitted the mineral resource report, which estimates a geological resource of 863 million tonnes, which comprises of 157 million tonnes of iron ore, and 706 million tonnes of Banded Hematite Quartzite (BHQ).

The share touched a 52-week high of Rs 687.85 on August 9, 2023 and a 52-week low of Rs 189.00 on December 14, 2022. The stock is trading 7.17 percent below its 52-week high and 237.86 percent above its 52-week low.