PANJIM: After a gap of almost 10 months, a total of 2.4 million tonnes of iron ore has been scheduled for e-auction, on Wednesday.
This is going to be the 23rd phase of e-auction to be conducted by Directorate of Mines and Geology (DMG).
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DMG has identified 2.49 million tonnes of ore for e-auction. The ore, which includes lumps and fines, grade varies from as low as 29 Fe content to 60 Fe content.
The e-auction will be conducted through the Metal Scrap Trading Corporation (MSTC). The 22nd e-auction process was held on August 24, 2019.
The e-auction process, which had begun in January 2014 following the directions issued by the Supreme Court, was later halted in May 2017, after the 21st e-auction. The process was halted following poor response from the bidders in view of the falling market prices.
The process resumed in August 2019 but that also fetched a poor response.
Till date, DMG had sold 12 million tonnes of ore of the total 15.5 millions, generating revenue of around Rs 1,142 crore.
