Coal news and updates

The maiden auction round under the commercial coal mining policy, held in November last year saw bidding by domestic and home-grown firms, where the highest premium received was 66.8% while the average premium quoted was 27%.

 

Two coal blocks were grabbed by private players on Tuesday on the second day of the second tranche of commercial coal auctions. Sunflag Iron and Steel turned out to be the preferred bidder for the Bhivkund coal mine in Maharashtra by offering a 9% revenue share to the state government. Kolkata-based Shreesatya Mines, the winner of Jharkhand’s Rauta closed mine offered a revenue share of 75.5% to the state government, which is the highest bid received till date in commercial coal mine auctions.

 

The Rauta block witnessed intense bidding, with four companies South West Pinnacle Exploration, Shree Sai Urja, Adhunik Power and Shreesatya Mines placing their quotes to win the mine. It is estimated to have 7 million tonnes (MT) reserve of G7-grade of coal, and is located only three kilometres away from the Ranchi Road railway station.

 

Source : https://www.financialexpress.com/industry