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Thriveni Earthmovers, Lloyds Metals and Energy incorporates JV

Friday, 29 May 2020
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Thriveni Earthmovers (TEPL) and Lloyds Metals and Energy (LEML) have incorporated a joint venture company namely, Thriveni Lloyds Mining. The JV has been formed with a 60 percent ratio consisting of TEPL and 40 percent ratio of LEML.

The iron ore mine of LEML is situated at Surjagarh, Gadchiroli district of Maharashtra. The lease is for an area of 348 ha and has total deposits of more than 91 million tonne. These reserves are of the grade of 63 Fe.

The mine has been operating sporadically since April 2016. TEPL has mined more than 30 million tonne of iron ore in 2019-20 as the Mine Developer and Operator (MDO) to various lease owners in Odisha. For these operations, TEPL has a mining asset base of more than 1,600 machines, including loaders and associated drilling machines.

The JV company Thriveni Lloyds Mining is incorporated for mining operations in Maharashtra and neighbouring states, but starting with the iron ore mining operations of LMEL. The target of the JV company is to ramp up the mining operations of LMEL Surjagarh mines to three million (rated capacity) in the next three years.

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