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Govt to showcase mineral blocks to be auctioned in FY'19

Press Trust of India  |  New Delhi 

The mines ministry will next month showcase mineral blocks to be auctioned in the current financial year to attract potential investors.

"The of mines has decided to organise 4th National Conclave on Mines and Minerals for showcasing blocks which will be auctioned by the states in FY2018-19 to potential investors," the ministry said in a letter to mineral-rich states.

The Centre has asked the states to give representations for showcasing blocks that would be auctioned in this fiscal.

"Further technical sessions will be held on the various aspects in the process of auctions such as geological reserves (GR) preparation, transaction advisory for tender document preparation, auction platforms and also post auction process such as preparation of plan, environment clearance forest clearance, etc," the letter said.

The mines ministry has also asked the states to approach potential investors such as miners and downstream and allied mineral industry to attend the conclave.

The Centre earlier has sought from states like Chhattisgarh, Goa, and Odisha the list of mineral blocks likely to be auctioned in the current fiscal.

of State for Mines and Coal Haribhai Parthibhai Chaudhary had said in March that a total of 36 mineral blocks are at various stages of auction process.

That apart, from 2015-16 till date, 34 mineral blocks have already gone under the hammer, the had then said.

The mineral auction rules have been amended by the mines ministry to make the auction process simpler and help the states auction mineral blocks quickly.

The major amendments in the rules include providing more flexibility to state governments in the auction process, relaxation in net worth requirement for increased participation of bidders and adjustment of upfront payment in full at the earliest as against the revenue share mode, the minister said.

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

First Published: Sun, June 10 2018. 11:15 IST
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