30 coal mines put up for auction, the ministry of coal expects a generation of income of Rs 8,158 cr

The Coal Ministry has auctioned two more coal mines, bringing the number of commercial mines auctioned to 30, which are expected to generate revenues of Rs 8,158 crore, the Coal Ministry said in a statement. According to a statement from the Coal Ministry on Saturday, the 30 coal mines include 23 fully explored mines and 7 partially explored mines.

“With the conduct of this auction, the Ministry of Coal has successfully auctioned 30 mines to date (comprising 23 fully explored mines and 7 partially explored mines) since the launch of the first tranche in June 2020”, states the press release. “Peak’s total nominal capacity auctioned to date is 63.17 MTPA with an average premium of approximately 27.78% over the floor price of 4%, indicating strong demand for the mines. of coal on the market. These mines are expected to generate a total annual income of nearly Rs. 8,158.03 crore and an estimated employment of 85,406, “the statement added.

The Coal Ministry had launched the 2nd attempt to auction 11 coal mines for commercial use on September 27, 2021, and bids were received for four mines. The auction was held for two mines which received multiple bids. The commercial coal mine auction saw strong competition and several new entrants from the “non-end user” category such as real estate, infrastructure, pharmacy, etc. by the industry after the removal of “end-use” criteria from the bidding process and is expected to bring more efficiency and technological advancements in the mining industry, the statement said. (ANI)

(This story was not edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


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