Incept has identified a cluster of iron ore mines in the state of Orissa with a total estimated potential resource of 500 million tonnes of iron ore in order to secure the supply of raw materials

Incept has identified a cluster of iron ore mines in the Keonjhar district of Orissa, India, a province on the Northeast coast of the sub-continent. 63%+ Fe iron ore resources have been measured within the identified mines and the total estimated potential resource across all mines is 500 million tonnes. Incept will be seeking mines that are presently operational, have access to rail and road, and are ready for expansion.

In addition to supplying iron ore, which is in high demand from local steel makers, the Orissa iron ore mines provide a strategic opportunity for Incept to vertically integrate its future steel manufacturing operations by securing supply of raw materials.

Incept has three fully owned subsidiaries in India (“Incept India”):

  • Incept Minerals (India) Pvt Ltd (“AMIPL”) is involved in iron ore domestic and international trading and other related activities. AMIPL holds a lease over a plot of land on India’s largest iron ore trading port;Paradip and holding multiple districts export licence in Orissa. It also has local trading licences in three districts with some of the major steel companies in India as its clients.
  • Incept Ore Pvt Ltd. (“AOPL”) is involved in mine acquisitions and contract mining. AOPL is currently in the process of acquiring three iron ore mines, with further expansion plans
  • Incept Gold Pvt Ltd. (“AGPL”) is exploring the possibilities of acquiring gold exploration in India. Its interest lies in Parasi block, Ranchi District, Jharkhand Province, which is known for substantial reserves.

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