Home Mining JSW Pays 18K CR Premium

JSW Pays 18K CR Premium

Bhubaneswar: JSW is the single highest contributor to the total mining revenue earned by the State Government with close to Rs 18,284 crore contribution in way of premium and other statutory dues in fiscal 2021-22. 

The company said it has given returns to the tune of Rs 11,686 crore by way of bid premium alone to the State Government in the year 2021-22. Last fiscal, the total mineral revenue contribution from the JSW was Rs 3650 crore, which has witnessed a significant jump in 2021-22.

The revenue by means of premium and other dues from the auctioned captive mines of JSW Steel translates to 52.5% of the mining revenue of Rs 24,171 crore earned by the State exchequer from auctioned mines.

During the last quarter of the last fiscal (2021-22), the revenue contribution from its captive mines has extended close to Rs 3517 crore with all statutory dues put together. It is to be noted that for the month of March, its revenue contribution from mines has surpassed Rs 1900 crore, the JSW said.

The mining revenue has contributed to 90 % of the state’s own non-tax revenue as per the recently tabled interim budget.  

Production from the auctioned mines of JSW stood at 24.1 MT and the despatch figure was 21.3 MT for the current fiscal. In contrast, for 2020-21, production and despatch were 16.66 MT & 9.67 MT, respectively. 

JSW launched mining operations in July 2020 amidst all supply chain disruptions during the pandemic and has progressively ramped up production targets month on month to achieve the major milestone of iron-ore despatch surpassing 1 lakh tonnes on a single day.

Once operational with full capacity, these mines are expected to produce around 36 MT per annum, sources said.

The State has collected over Rs 48, 000 crore from mineral-based revenue during the year 2021-22, which is inclusive of approximately Rs 971 crore from coal mining. 

In 2020-21, State had collected near about Rs 13,800 crore in mineral revenue and there has been a significant jump. The projected mining revenue for the State for the current fiscal is Rs 46,000 crore.

JSW Group companies’ cumulative contribution at Rs 12,683 Cr is 26 % of the mineral revenue earned by the State. JSW would be stepping up production targets to have a solid partnership with the State and has set a robust target of 28 MT production for the current fiscal.

LEAVE A REPLY

Please enter your comment!
Please enter your name here