Shares of National Aluminium Company Limited (NALCO) fell 0.75% after touching a day’s high of Rs 268.10 on 10th December, despite the firm saying on Tuesday (9th December) that its board of directors has approved the proposal to award a mine developer and operator contract for the Pottangi bauxite mines.

The contract has been awarded to Dilip Buildcon Ltd, which emerged as the L-1 bidder. NALCO has approved the base mining charges at Rs 423 per tonne for the project. The contract period has been set at 25 years.

According to the filing, the Bhopal-based company emerged as the L-1 bidder for the MDO contract. They will develop and operate the Pottangi Bauxite Mines, along with the Overland Conveyor Corridor and allied facilities.

The 25-year contract includes the first three years dedicated to engineering, procurement, and construction (EPC) work worth Rs 1,750 crore. This phase covers seven million tonnes. The remaining 22 years will involve mining operations valued at Rs 3,250 crore at current rates (Rs 423/tonne). These operations will cover 77 million tonnes.

At 1:57 PM, shares of NALCO were trading 0.51% lower at Rs 264.30 on NSE.

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