mines auction in odisha 2020

In 2022, lease of another three-four mines would expire. Description; Auction . Only a few years back, the Supreme Court had stepped in to stop and punish mining companies involved in the Great Odisha mining loot — a mining scandal of enormous proportions and one involving megabucks. By T. moharana Last updated May 26, 2020 ©biznextindia. Hence the miner has now requested for extension of the mining lease period on account of time lost in litigation. 2. Register now! Odisha government had set a target to auction 24 mineral blocks during 2020-21 financial year and the process was almost completed. Earlier, the state government has put 20 working mines on auction in two phases as lease period of these blocks would end on March 31, 2020. Think of the western Indian state of Goa and the images that normally come up is of a leisurely, India's metals and minerals industry on Friday urged for an easing of production of iron-ore in, Gurugram-headquartered agri-tech startup Origo Commodities, primarily known for post-harvest agr, Iffco Kisan, a joint venture between fertilizer major Iffco and telecom giant Bharti Airtel is a, The impact of recent farm laws introduced by the Indian government --including the right to farm, State-owned Coal India Ltd said that it is well geared to meet any surge in demand for coal from, After underperforming the precious metals pack's rally last year, all parameters are pointing to, Asian LNG (liquefied natural gas) prices have hit record highs due to supply glitches, transport, The Gujarat Cooperative Milk Marketing Federation Ltd (GCMMF), which markets dairy products unde, The Ministry of Railways has approved a new iron-ore policy governing the allocation of rakes an, The government has procured 25 per cent more paddy so far in this kharif marketing season at 564, Saudi Arabia has announced reductions in crude oil volumes to be supplied to at least nine clien, The Supreme Court on Tuesday suspended the implementation of three farm laws that have sparked f, From bean to bar, the cocoa supply chain is a bittersweet one. As the lease period of 24 functional mines will expire by March 31, 2020, the Centre and the steel industries are pushing the state government to expedite the auction process. Mumbai: After bidding aggressively for the Karnataka iron ore mines, the Sajjan Jindal-led JSW Steel is not keen on the forthcoming Odisha auctions as it is not willing to pay a premium given the demand slowdown for steel and an economy in tatters, sources said Thursday. The high premiums are set to put iron ore prices on a different orbit altogether. It’s a percentage of the price of the iron ore that is set by the Indian Bureau of Mines (IBM) each month for different states and grades. Kolmong iron ore mine was put under the hammer today in which Yazdani Steel emerged as Vedanta Resources emerged as the highest bidder for Odisha’s Radhikapur West coal mine, offering 21 per cent revenue share for the mine, which has estimated reserves of 312 million tonnes of coal with a peak capacity of 6.0 million tonnes per annum. Bhubaneswar: The Odisha government has already auctioned 13 of the 19 mining blocks and the highlight of this auction season is the high premium at which the blocks are being leased out, putting a question mark … Prices of iron ore may rise in the short term as bidders for mines in Odisha have paid nearly twice the required amount. However auction process of Badampahar has been put on hold due to some ongoing legal issues. put up 20 merchant iron ore mines for auction which were due to expire in March 2020. Jan 31, 2020 Auction of working mines in Odisha kicked off today with JSW Steel emerging as the highest bidder for the massive Nuagaon iron ore block with a bid of 95.2 per cent. Recap of auction results – Out of 17 mines auctioned, JSW Steel won four mines, ArcelorMittal and Fomento bagged one mine each. 1. Of the 86 companies participated in the auction process most of the captive and non-captive mines were won by big companies like, JSW Steel, ArcelorMittal and Fomento. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express writtern permission of moneycontrol.com is prohibited. Odisha Auction 2020: Fomento Bags Nadidih Iron Ore Mine at a Premium of 141.25% By Nishtha Mukherjee Fines/Lumps Posted on 2020-02-10 08:15:10 IST 5. This is the first of 19 iron ore mines that are up for grabs before their leases expire on 31 March 2020 The government is taking steps to select developers for these mines through auction by this time. It would be interesting to see how high premium fetched in recent auctions change market dynamics and prices in near term. The auction of coal blocks for commercial mining which kickstarted on Monday saw Vedanta bidding the highest for a mine in Odisha, while Hindalco bid the most for … The Ministry has invited suggestions from the general public, Government of States and Union Territories, mining industry, stake holders, industry associations, and other persons and entities concerned. has successfully auctioned 17 mines, out of which 5 were reserved for captive and remaining 12 for merchant use. JSW Steel holds 21% share of merchant iron ore supplies - After winning four iron ore mines in Odisha auctions 2020 (2 captive & 2 merchant), JSW Steel’s share in Odisha’s merchant iron ore supplies in FY21 roughly stands at 21%, as per SteelMint’s analysis. In the context, even the upcoming mine auctions in Odisha are expected to see high bid premiums. Update Odisha Bureau February 18, 2020 Business New Delhi: Kanther-Koira manganese block of Rungta Mines Ltd, the last working mines will go under the hammer on Tuesday in the ongoing mining auction in Odisha. However, we have already chalked out plans to auction those mines … While the end product is somethin, Silver has always shown its value throughout history. The auctioned mines were classified into two categories: captive and open category. Odisha mining auction: High premiums may lead to sharp hike in Iron Ore prices. 3. The case will be heard in third week of March. Print Back. Copyright © e-Eighteen.com Ltd All rights resderved. Prices of iron ore may rise in the short term as bidders for mines in Odisha have paid nearly twice the required amount. The lease of 24 mines is expiring by March 31,2020. The key highlights of the draft are as follows: i) The new lessee shall immediately, but not later than ninety days from the date of issue of the Letter of Intent, apply for all necessary rights, approvals, clearances, licenses and the like under the applicable statutes/rules/regulations afresh for obtaining the necessary clearances to enable further continuance of the mining operations beyond two years, as per the proviso to sub-section (2) of section 8B of the Act. Block-wise Auction details as on 31/01/2018 . From ancient coins to its use as a global, The Great Lockdown continues to turn markets on their head. The captive mines that were auctioned accounted for around 30 per cent of the total auctioned reserves and the balance for 70 per cent. Share. The auctions saw the mines being taken at high premiums, up to 154 per cent over reserve price. ... Feb 18 2020, 2:16 PM Feb 18 2020, 2:16 PM February 18 2020, 2:16 PM February 18 2020, 2:16 PM. Updated: December 18th, 2020, 14:00 IST. Auctions witnessed high premium upto 154% over reserve price. On one side, the auctioned mining leases whose tenure lapsed on 31 Mar’20, have stopped production as per MMDR Amendment Act. The new auction process has pitted the small miners against the big players slush with funds. The premium is the key figure to evaluate the bids. The auctions are scheduled for the first week of August 2019. The Steel & Mines Department is one of the important Departments of Government of Odisha. The State government in December listed 20 of […] BHUBANESWAR: The state government has decided to resume the auction of mineral blocks stalled due to the pandemic. Your email address will not be published. Odisha iron ore auctions are underway. Experts interpret that winning a mine at a premium of 154 per cent means that the auction winner pays price of 154 tonne ore for a 100 tonne ore to the government, which is unsustainable. The Odisha government is all smiles. While the auction rules allowed only end users to bid for captive mines, it permitted both captive and merchant mines to bid for mines in the open category. While on the other side, despite the Centre extending the... June 29, 2020 Both were bagged by a Tata Steel subsidiary at steep bids of 96.8 percent and 88.5 per cent and respectively. Last week, we dug into the unprecede, If you live in a developed country, it’s been clear that the appetite for coal power is fallin, This map includes 1,232 discoveries of recoverable reserves over 500 million barrels of oil equi, © 2019 Indo Asian Commodities. To address the delay in mining production due to lack of statutory clearances the Ministry of Mines had released guidelines June 3 for the auction of mineral blocks with pre-embedded clearance. Few merchant miners like Serajuddin, KN Ram and Ghanshyam Mishra were able to retain their mines. Since many of the large companies are emerging as the winners, they will become the new price makers in the market. A small tweak in the rules by the state government has also helped the big players. Farmers' Protest: R-Day violence part of 'dirty conspiracy' against peaceful struggle : Farmers' body, FAU-G hits 1 million downloads on launch day, early reviews disappointing, Webinar Presented by Knowlarity & Freshworks. The leases put up for auction are expected to produce around 65-70 MnT iron ore in FY20 versus 50-55 MnT in FY19, against an EC limit of 80-85 MnT. 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