Coal news and updates

Only operational mines to be auctioned in first tranche

January 13: The Ministry of Mines, which will soon conduct auction of blocks containing four minerals – iron ore, limestone, bauxite and manganese ore, will offer only operational and fully explored mines for auction, a source in ministry of mines indicated

“Where we do not have complete information on the reserves, we will not be able to put such blocks on auction,” the source said but indicated that any final decision is yet to be taken.

The source, however, pointed out that allotment of mineral blocks had been happening in the past without having full exploration data.

“This (allotment of mineral blocks) has been going on thus. Even today players apply for blocks despite not knowing much about the reserves. You will definitely spend at least some money after applying for a block,” the source added.

“But we will mostly provide a report before giving the mining leases. We will provide as much geological data as possible and are still discussing as to how such details would be provided. It is a matter of detailed discussion,” the source added.