Team Herald
PANJIM: After a gap of almost five months, total three million metric tonnes of iron ore is scheduled for e-auction on November 10. With this, the mining activities are set to resume for the new season.
If you enjoyed reading this article, you can help support our journalism by adding OHeraldo as a preferred source.
This is going to be the 24th phase of e-auction to be conducted by the Directorate of Mines and Geology (DMG).
DMG has identified three million tonnes of ore for e-auction. The ore, which includes lumps and fines, grade varies from as low as 30 Fe content to 58 Fe content.
The e-auction will be conducted through Metal Scrap Trading Corporation (MSTC).
The 23rd e-auction process was held in May, this year. Before that it was in August, 2019.
The e-auction process which had begun in January 2014 following Supreme Court directions was halted in May 2017, after the 21st e-auction. The process was halted following poor response from the bidders due to the falling market prices.
The process resumed in August 2019, however, that also fetched 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.
