In an exchange filing made during market hours today, the company informed that the Govt. of Karnataka has executed the Mining Lease deed on 2 January 2023 with KIOCL for grant of a mining lease for iron ore and manganese ore, over an extent of 388 hectares for a period of 50 years in Devadari Range, Sandur Taluk, Ballari District, Karnataka State.

KIOCL is engaged in business of iron ore mining beneficiation and production of high-quality pellets.

The company reported net loss of Rs 102.22 crore in Q2 FY23 compared to a net loss of Rs 30.33 crore posted in Q2 FY22. Revenue from operations tumbled 66.6% year on year to Rs 154.43 crore in Q2 FY23.