Mines blocks worth Rs.2 lakh-cr up for grab

    mines
    The ministry of mines is all set to auction 54 mines with a mineral value of Rs.2 lakh crore and a revenue implication of accruals to states worth Rs.1.5 lakh crore, Mines Secretary Arun Kumar said in a recent statement. He added that the first tranche of auctions, which had started last year, witnessed bidding of 21 mine blocks. The first successful auction took place in February 2016, with two small limestone blocks in Chhattisgarh going under the hammer. The mineral-rich state will generate about Rs.18 crore from the two blocks over the next 50 years. Since then, 21 mines containing iron ore, limestone, gold and diamond etc., have been auctioned. The lease to mine minerals from these blocks is for 50 years and the total earnings include royalty and contributions for the District Mineral Foundation and the National Mineral Exploration Trust. This time participation is likely to be increased as more mines, including that of limestone, iron ore and gold, will be put for auction. The mines ministry has already facilitated the auction process, extending support from IBM and Geological Survey of India (GSI) and various PSUs such as MSTC, MECON, MECL and SBICAP, he claimed.
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