PANJIM: After a gap of over two years, the iron ore e-auction held on Thursday, evoked poor response with hardly 1.7 million tonnes of ore, of the total 5.34 million tonnes identified for bidding, being sold. The Directorate of Mines and Geology (DMG) has earned around Rs 105 crore through the bids.
For the 22nd e-auction held on Thursday, continued on Friday, DMG had identified total 230 stacks consisting of 5.34 million tonnes of ore at a base of price of Rs 300 and Rs 400 per ton. The ore grade varied from 38 Fe content to 65 Fe content and it is lying at various mining sites and beneficiary plants.
Total 14 prospecting bidders, who have registered for e-auction, are participating in the bidding process.
Sources said approximately around 1.73 million tonnes of ore was sold during the e-auction. “The unsold ore will be put up for e-auction again during the next phase,” sources said.
The e-auction was conducted through Metal Scrap Trading Corporation (MSTC).
The e-auction process, which began 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.
Till then, DMG had sold 11 million tonnes of ore of the total 15.5 million tonnes, generating revenue of around Rs 1,042 crore.
