Lloyds Metals and Energy has entered into a memorandum of understanding (MoU) with Thriveni Earthmovers (TEPL) to incorporate a new joint venture (JV) company in the state of Maharashtra for carry mining operations in Maharashtra and neighbouring states, but starting with the Iron Ore Mining operations of Lloyds Metals Energy (LMEL). The iron ore mine of Lloyds Metals and Energy is situated at Surjagarh, Gadchiroli district. The lease is for an area of 348 ha (860 acres) and has total deposits (proven and probable) of more than 91 million tonne. These reserves are of the grade of approx 63 Fe. The target of the JV with TEPL is to raise the mining operations of LMEL Surjagarh Mines to one million tonne within 12 months of commencing and three million tonne (rated capacity) in approximately three years. The MoU also envisages formation of a thinly capitalised JV between LMEL & TEPL. There would be zero capital investments by LMEL for this activity.