Adhunik Power and Natural Resources Limited has emerged as the preferred bidder for the Lalgarh (North) coal mine in Jharkhand. Auro Coal Pvt Ltd has emerged as the preferred bidder for the Behrabandh North Extension coal block in Madhya Pradesh, the Coal Ministry said in a statement.
On September 27, the Coal Ministry had launched a second attempt to auction 11 coal mines for commercial mining and bids were received for four mines.
The auction was conducted for two mines which have received multiple bids.
With the conduct of this auction, Ministry of Coal has successfully auctioned 30 mines (inclusive of 23 fully explored mines and 7 partially explored mines) since the launch of the first tranche in June last year.
The total peak rated capacity auctioned so far is 63.17 million tonnes per annum (MTPA) with an average premium of around 27.78 per cent, while a floor price of 4 per cent reflects strong demand from the coal mines in the market.
The total annual revenue from these mines is expected to be 8,158.03 crore and estimated employment of 85,406.
Commercial coal mine auctions have witnessed stiff competition and many first time participants from the ‘non-end user’ category such as real estate, infrastructure, pharma, etc. have also emerged as successful bidders in the auction, which is a positive There is emotion. The industry is expected to do away with the ‘end use’ criterion from the bidding process and bring more efficiency and technological advancements to the mining industry.
This story has been published without modification in text from a wire agency feed. Only the title has been changed.
Never miss a story! Stay connected and informed with Mint.
download
Our App Now!!
,