ACC secures Lamatola coking mine in 3rd auction day

It was announced that the Lamatola coking coal block located in Madhya Pradesh had been secured by the cement major ACC during the ongoing ninth round of auction for commercial coal mines. It was stated that ACC had submitted the final bid, offering a premium of 16.75 per cent above the reserve price of 4 per cent. The Coal Ministry stated that a total of 4 coking coal mines had been auctioned in the ongoing rounds, including the one from today. They mentioned that once these coal mines are operationalised, they would decrease the country's dependency on imported coking coal. The Coal Ministry had launched the latest round of commercial coal mine auctions on December 20, 2023, putting up a total of 32 coal mines for bidding.