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Saturday, November 28, 2020

Commercial coal mining auctions — Strong competition on Day 1: Vedanta bid for Odisha mine highest

The auctions will include 14 more coal blocks and are set to continue till November 9, with the successful bidders to be announced by November 11.

By: ENS Economic Bureau | New Delhi | Updated: November 3, 2020 12:58:33 pm
“The first day of auction of coal mines for sale of coal saw strong and healthy competition among the bidders,” said a government release, noting that the auction process for some of the mines lasted for “3-4 hours”.

The first auction of coal blocks for commercial mining was completed on Monday, with five mines going under the hammer. Vedanta Resources emerged as the highest bidder for Odisha’s Radhikapur West coal mine, offering 21 per cent revenue share for the mine, which has estimated reserves of 312 million tonnes of coal with a peak capacity of 6.0 million tonnes per annum.

The auctions will include 14 more coal blocks and are set to continue till November 9, with the successful bidders to be announced by November 11.

“The first day of auction of coal mines for sale of coal saw strong and healthy competition among the bidders,” said a government release, noting that the auction process for some of the mines lasted for “3-4 hours”.

Aurbindo Reality and Infrastructure was the highest bidder for the Takli Jena Bellora North and Takli Jena Bellora South coal mines in Maharashtra, offering the government a revenue share of 30.75 per cent for the mines which have reserves of 117.26 metric tonnes. Hindalco was the highest bidder for the Chakla coal mine in Jharkhand, offering a 14.25 per cent revenue share to the government for rights to mine. With regard to MarkiMangli II mine in Maharashtra, Yazdani International bid the highest at 30.75 per cent revenue sharing. JMS Mining Pvt Ltd bid the highest for Urtan mine in Madhya Pradesh at 10.50 per cent revenue sharing.

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