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NSL Consolidated secures rights over iron ore lease in India

NSL Consolidated Ltd. has secured exclusive rights over a mining lease, designated AP3, 10 kilometers from its Kurnool wet beneficiation plant and stockyard in Andhra Pradesh, India.

The agreement covers the whole life of the iron ore mining lease as well as any extensions to the lease period, according to a Dec. 15 statement.

NSL will take full control of all aspects of the mining lease in exchange for a beneficiated run of mine royalty payment of about US$1 per tonne.

The company noted that it has all approvals over 77 acres required to start iron ore operations.