Government to Put 14 Blocks of Iron Ore Under Auction Soon

After a successful session of 1^st iron ore block auction in Odisha, Mines Ministry is in plans to put another 14 iron ore blocks under hammer from Karnataka in the second phase of block auction. The tentative tenure to conduct 2^nd iron ore block auction will be during April-May’16.

The government is in plans to put 22 mineral blocks for e-auction which will include 2 blocks of limestone in Chhattisgarh, 14 blocks of iron ore in Karnataka and 6 blocks of limestone in Andhra Pradesh.

In the first phase of block auction, auction of two blocks of limestone in Jharkhand, two blocks of limestone and one block of gold in Chhattisgarh and one block of iron ore in Odisha has been held. The iron ore block named Ghoraburhani Sagasahi (with 99.59 MnT reserves and at G2 exploration stage) was auctioned and Essar Steel emerged to be the successful bidder.

Now, the government is more emphasizing on conduction of mineral block auction and allotment of banned mines through e-auction process as it helps to generate much more revenue to the state governments than previously received royalty from the minerals.

Karnataka based C category mines to be auctioned in Second Phase

Source: Karnataka DMG