Draft mineral auction rules: Single bidder allowed in second attempt

The Centre has unveiled the Draft Mineral (Auction) Second Amendment Rules, 2023, signalling a significant shift in the bidding regulations for mining contracts.

The proposed alterations introduce a significant relaxation, overturning the previous mandate requiring a minimum of three technically qualified bidders for the auction’s progression.

This amendment aims to streamline and maintain the auction process, especially in situations with restricted participation, ultimately accelerating the allocation of mining contracts.

The proposed amendments would enable the awarding of contracts even if only one technical bidder participates in the second attempt of the auction process.

In August, the government approved private sector