Goa Director of Mines & Geology (DMG) has put 1.9 MnT of Iron ore in its 5th e-auction, which will held on 06 & 07 Nov, 2014.
The state government has auctioned only 4 MnT of the total 15 MnT ore laying at jetties, mining leases and Mormugao Port Trust after the Supreme Court’s verdict of liquidating Iron ore extracted during 2007-2012.
Low prices in the global market have slowed down the e-auction process in Goa. Spot Iron ore prices have fallen by around 40% this year as a flood of new supply from the big miners across the globe has hit the market. Meanwhile, fear about slowing demand in China, the world’s biggest consumer of seaborne Iron ore, has intensified.
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