You are here: Home » News-IANS » Business-Economy
Business Standard

Odisha to auction three mines by May

IANS  |  Bhubaneswar 

The would auction three more mines by end of May this year, Mines Minister Prafulla Mallick said on Friday.

Mallick said that e-auction of Netrabanda, Kalamunda iron ore mine blocks and Garamura limestone block would be completed by May 2017.

"We have already notified about the auction in March. If everything goes well, we will be able to complete the process by end of May," he said.

So far, three mines have been auctioned in the state.

He also said that 5-6 more iron ore mines would be auctioned by the end of the current financial year.

Meanwhile, Odisha's revenue collection from mining sector for the 2016-17 fiscal has registered a sharp decline, the lowest in the last five years. The mining sector contributes a major share to state's total revenue collection.

The total revenue from mining stands at Rs 4,500 crore against the target of Rs 6,500 crore. Mining sector had contributed the state coffer with Rs 5,797 crore in 2015-16. It was Rs 4,586.65 crore in 2011-12, Rs 5,679.35 crore in 2012-13, Rs 5,519.58 crore in 2014-15.

"The fall in revenue is despite a hike in production and dispatch of ore. The drop in revenue has been attributed to the sharp fall in global demand for iron ore this year," said Mallick.

He further said the state started auctioning the mines to enhance the revenue from the mining sector under the Mines and Minerals (Development and Regulation) Act, 2015.

--IANS

cd/ruwa/dg

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

RECOMMENDED FOR YOU