The Goa mines department plans to auction about one million tonnes of iron ore from its mines on 4 August, the department said in a notice put up on its official website.
Iron ore inventory from Goa’s Codli, Odamol, Patiem and Tudou mines with a combined volume of one million tonnes will be up for auction through the online bidding process. This would be the seventh such auction by the government.
This is not the first time the ministry is trying to sell ore through the online route. Past attempts have met with limited success. The last round of e-auction for iron ore of around one million tonnes in May 2015 received tepid response. According to data shared on the department’s website, 0.4 million tonnes was sold for a value of a little over Rs.34 crore.
In addition, in March 2015, the environment ministry had revoked a ban on mining in Goa, allowing private companies like Vedanta, who are also buyers of ore in these auctions, to resume mining immediately. However, mining operations in the state are yet to resume in full swing. Vedanta is expected to resume mining operations after the monsoon season.
It will be challenging for companies to resume operations at profitable levels as iron ore prices have corrected globally, several industry experts say.
Source: Live Mint
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