Earlier this month, CIL was announced as the preferred bidder for the Gadhadhar iron ore block with estimated reserves of 288 million tons. The company also announced plans to participate in the bidding process in order to transform itself into a diversified resource extraction company thanks to its current fossil fuel supply business.
The Singapore office of CIL will focus on expanding the key mineral resource area, facilitating the acquisition of foreign mineral assets and trading in iron ore, the sources said.
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