Tuesday, May 30, 2023

Govt launches 7th round of coal mine auctions

Offers 106 mines for commercial sale

Defence Minister Rajnath Singh on Wednesday launched the seventh round of auctions for commercial mining of coal blocks, putting 106 mines under the hammer.
Of the total mines offered under the seventh round, 61 blocks are partially explored and 45 mines are fully explored.
As many as 95 non-coking coal mines, 10 lignite mines and one coking coal mine are being offered in the latest round of auction.
In his address, Singh said coal is considered black gold which plays an important role in strengthening the economy of the country.
“Our energy consumption has grown in the last few years and will continue to grow. And to meet this need we will have to start taking efforts from today,” he said. The ongoing auctions of coal blocks are a step towards energy security, Singh said.
Details of the mines, auction terms, timelines etc. can be accessed on the MSTC auction platform. The auction shall be held online through a transparent two-stage process, on the basis of percentage revenue share, as per the coal ministry.
Coal and Mines Minister Pralhad Joshi said the government will provide incentives to players who will start early production from the mines while inviting the players to participate in the latest round.
He also noted that coal will be in use for the next 40-50 years.
Meanwhile, the Ministry of Coal signed agreements for 28 coal mines auctioned under the sixth round of auction.
The cumulative PRC (peak rated capacity) of the 28 coal mines auctioned under the previous round is 74 million tonnes per annum (MTPA) and these mines are expected to generate annual revenue of Rs 14,497 crore calculated at PRC of these coal mines.
Upon operationalisation, these mines are expected to generate employment for 1 lakh people.
Companies like JSW Cements, Ultratech Cements, Ambuja Cements, and Jindal Power Ltd among others were the successful bidders in the sixth round of auctions.


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