The first project involves reconnaissance survey (G-4) for polymetallic mineralization in Nagavanda Gold & Base Metal Block in parts of Dhanvangere, Haveri and Shimoga District, Karnataka. The project duration is 12 months, and the approved cost is Rs 1.48 crore.

The second contract involves preliminary exploration for Amalgamated Kalburgi Limestone blocks in Jevargi area, District Kalburgi. The project duration is 12 months, and the approved cost is Rs 2.33 crore.

KIOCL is a flagship company under the Ministry of Steel, GOI, with Mini Ratna status. It is an export-oriented unit with expertise in iron ore mining, filtration technology and production of high-quality pellets. The company has also ventured into operating and maintenance (O&M) services for steel projects.

The company had reported a net loss of Rs 33.88 crore in the quarter ended December 2022 as against net loss of Rs 66.13 crore during the previous quarter ended December 2021. Sales declined 20.86% YoY to Rs 287.87 crore in Q3 FY23.

The scrip rose 0.61% to end at Rs 180.20 on the BSE on Thursday.