Team Herald
PANJIM: With ‘healthy competition’ and ‘maximum participation’ from mining firms and traders in mind, the Directorate of Mines and Geology (DMG) has slashed the minimum earnest money deposit (EMD) for the final e-auction phase, wherein 7.76 million tonnes of ore will be auctioned.
As per the latest order issued by Mines Director Prasanna Acharya the minimum EMD is now Rs 1 lakh for bidding for up to 5000 metric tonnes from the earlier Rs 25 lakh for bidding for up to 1,000 metric tonnes of ore.
The bidders will now have to deposit Rs one lakh for bidding up to 5000 MT and in multiplies of Rs one lakh for every additional quantity of 5000 MT. Bidders will have to shell out Rs 50 lakh for unlimited bidding.
Acharya said the bidder has been given the option to deposit the amount fixed by the department, for instance all inclusive charges at mine heads or storage points, to Rs 50 per tonne and at jetty point Rs 220 per tonne.
Following a poor response to the e-auction, DMG had in 2014 slashed the EMD from Rs 2.5 crore for 10,000 MT of ore. Also earlier it was Rs 10 crore for unlimited quantity.
Nearly 7.76 million tonnes of stacked iron ore will be e-auctioned in the final phase.
