Non-coal minerals’ auction to start in June
Auction for allocation of non-coal mineral bearing leases could start as early as next month under the newly-notified rules, which inter alia mandate a two-stage bidding process through electronic route where the highest bid above the reserve price wins.
Karnataka is ready with 8 iron ore mines to be put under the hammer next month. This will be followed by auction in 13 other states for a total of 107 mines containing limestone, bauxite or manganese ore apart from the key steel-making raw material.
As per the rules, the minerals extracted under the new lease should be utitilised solely for the specified-use and should not be sold or transferred or otherwise dispose of, either directly or indirectly.