NMDC’s Kumarswamy Iron Ore E-Auction on 15th November’13

NMDC’s Kumarswamy mines Iron ore e-auction in Karnataka on 15^th November 2013. MSTC is conducting the bidding on behalf of NMDC.

The total quantity of Iron ore offered on 15^th November for sale 252,000 MT. In last e-auction on 6^th November NMDC was able to sold only 8,000 MT of Lumps out of 200,000 MT. Price for grade Fe 63.50 lumps was at INR 6393/MT on 6th November e-auction.

Auction will commence at 15:00 HRS IST and conclude by 17:00 HRS IST.

Inspection of material will take place between 08.11.13 to 14.11.13.

Iron ore offered for sale:

Iron ore Lumps: 200,000 MT

Iron ore fines: 52,000 MT

Royalty 10%, VAT 5.5% (on auction price and royalty) FDT 12% are applicable

In the second quarter of 2013 NMDC sold 2.49 MnT of Iron ore through Karnataka e-auction. NMDC sold 52% of iron ore offered in e-auction and the main buyer was JSW Steel Ltd.