PANJIM: The government has identified 1.10 million tonnes of iron ore for eighth phase of e-auction to be held on Tuesday. The government has till date e-auctioned 6.85 million tons of ore fetching revenue of around Rs 713 crore.
The e-auction is conducted through Metal Scrap Trading Corporation (MSTC) under supervision of Supreme Court appointed monitoring committee by the Directorate of Mines and Geology (DMG).
As per the notification, DMG has identified 1.10 million tonnes of ore stacked at mines at Codli, Sirigao, Costi, Bicholim, Surla, Vagus Jetty and Cudnem plot and Tollem plant.
The iron ore grade varies from 49Fe content to 61Fe content, with base price fixed between 500 and 860 per tonne of ore.
DMG had identified 15 million tonnes of ore for e-auction, of which by now 6.85 million tonnes of ore have been auctioned. The balance eight million tonnes of ore has to be auctioned before fresh production, which government is expecting in the coming mining season in October.
Of the total sold ore, 2.486 million tonnes of ore is transported while 3.16 tonnes of ore is still lying at the lease site and jetties. Government has admitted that falling international prices has forced buyers not to transport the ore.
