Commercial coal auction: New players take lead in second phase

05 Aug 2021 CW Team

The commercial coal auction's third day, which is into the second phase, witnessed new players bidding for coal blocks.

For the three mines proposed, CG Natural Resources Private Limited, Shreesatya Mines Private Ltd, and Prakash Industries Ltd, CG Natural Resources Private Ltd, were the successful bidders.

For the Bhaskarpara mine in Chhattisgarh, Prakash Industries quoted a price of 55.7%, the highest bid that day. CG Resources priced 4% premium for Khargaon mine, Chhattisgarh, and Shreesatya Mine quoted a 54.5% premium for Burakhap mine, Jharkhand.

Sunflag Iron & Steel Company quoted a 79% premium, the high record bid for the Bhivkund mine in Maharashtra.

The Ministry of Coal has placed 19 mines in the second round of the auction. Out of the total mines, ten are completely explored, and nine are partly explored mines. There are four coking coal mines, and 15 are non-coking ones.

In 2020, the centre started the coal mining sector by private companies entering the commercial mining and coal sale field. In May, it amended the Coal Mines (Special Provisions) Act, 2015, to begin the coal auction for non-mining, foreign companies, and MSMEs.

In November, the two-part auction ended when firms submitted bids for 19 out of 38 coal blocks on offer.

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Also read: Govt gets bids for 19 coal mines in commercial mining auction

Also read: Ministry of Coal revises timelines for second tranche of coal auctions

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