Department of Mines & Geology (Govt. of Karnataka) is all set to put 14 mine blocks under auction very soon. In the recently published revised calendar MSTC (auction conducting platform) intends to invite bids for auction by 10 June’16.
The 14 mine blocks which are to be put under auction belong to the “C”category mines located primarily located in Bellary & Chitradurga districts of Karnataka.
List of 14 mine blocks to be auctioned
|
Name of the Mines |
Iron ore Geological Resource (in MnT) |
| Rama Rao Paol | 31.53 |
| Nidhi Mining & Co. | 10.02 |
| Karthikkeyas Manganese | 28.47 |
| Hothur Traders | 10.03 |
| Lakshmi Naryana Mining Company | 14.71 |
| VS Lad & Sons | 28.62 |
| Ramgad Miners & Minerals Pvt Ltd | 2.14 |
| M.Srinivaslu | 9.88 |
| SB Minerals | 4.30 |
| BR Yogendranath Singh | 2.84 |
| Tunghabhadra Minerals | 33.89 |
| Tunghabhadra Minerals | 6.94 |
| N.Chennakesava Reddy | 3.18 |
| Mineral Mines and Traders | 9.22 |
Source: Karnataka DMG
The due date for submission of initial price offer thereafter technical bids has been fixed on 10 Jun’16.
Karnataka mine block auction events at a glance-
|
Event Description |
Date |
| Bid due date (Technical+initial price offer) | 10 Jun’16 |
| Opening of technical bids | 13 Jun’16 |
| Announcement of technically qualified bidders | 22 Jun’16 |
| Conduct of ascending forward e-auction & submission of final price offer | 30 Jun’16-05 Jul’16 |
| Announcement of preferred bidder | 30 Jun’16-05 Jul’16 |
| Payment of 1st installment of upfront payment | 19 Jul’16 |
| Issuance of letter of intent by state govt. | 22 Jul’16 |
Prior to this the Karnataka govt. had invited bids for mine block auction of these 14 mines in Dec’15 but owing to lack of interest of the bidders the notice inviting tenders were cancelled twice. As per reports, high stamp duty was the reason behind less attraction of bidders towards the auction.
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