Sandur Manganese gets environment clearance from KSPCB

20 Sep 2024 , 03:29 PM

Sandur Manganese and Iron Ores Ltd announced on Thursday (September 19) that it has received approval from the Karnataka State Pollution Control Board (KSPCB) to expand its manganese ore production capacity.

The approval, given under the Air and Water Act, allows the company to increase production from 0.43 million tonnes per annum (MTPA) to 0.55 MTPA on its mining concession.

Sandur Manganese will now present these approvals to the Supreme Court’s Monitoring Committee so that operations can continue at full capacity.

On September 16, Sandur Manganese and Iron Ores’ board of directors approved a proposal to fund up to 1,000 crore by issuing equity shares through qualified institutions placement (QIP).

The company stated that at its 374th meeting, the board approved issuing equity shares with a face value of ₹10 in one or more tranches. The fundraising will be carried out at a price specified by applicable legislation, with shares sold to eligible institutional buyers.

The issuance is subject to shareholder and regulatory approvals. The company mines manganese and iron ore, generates power, and manufactures ferroalloys and coke.

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