 "Mines ministry proposes lowering bidder threshold for mineral auctions")
The Ministry of Mines has proposed relaxation in mineral auction rules. The ministry seeks to reduce the minimum number of technically qualified bidders required to proceed with block auctions in the first attempt from three to two. The proposed amendment will apply to the Mineral (Auction) Rules, 2015, and the Offshore Areas Mineral (Auction) Rules, 2024.
Under the current norms, auctions can only move forward if at least three bidders qualify technically. If this threshold is not met, the auction is annulled, and a second attempt of auctioning may be arranged at the discretion of the central or state government.
The proposed relaxation reflects a practice already in place for coal block auctions managed by the Ministry of Coal since June 2020, which permits auctions to proceed with just two qualified bidders.
“A similar requirement is proposed in case of auction of blocks of other minerals. The step is crucial to improve the success rate of auctions in the first attempt which would help in reducing delays,” the ministry said in a public consultation notice.
Comments and suggestions from stakeholders, governments, and the general public are invited until October 22.
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