In a bid to clear the 15 million tons of ore stacked since 2011 before the new mining season in October, the Directorate of Mines and Geology (DMG) have scheduled e-auction of over three million tons of iron ore on May 4 and 5.
On May 4, approximately 1.63 million tons of ore has been identified for e-auction. The total lots are 95. Another 1.61 million tons of ore is been offered for e-auction on May 5, through 77 lots.
The ore is stacked at various mining sites, beneficiary plants, jetties and MPT.
These are going to be the 20th and 21st e-auctions. The e-auction process has commenced after a gap of four months. However, despite the low grade ore failed to attract the buyers.
During the 19th e-auction held on April 21, the poor response of the bidders was quite evident. With only one bidders participation, 1.8 lakh tons of ore got sold of the total 2.2 million identified for the purpose.
The DMG through 19 e-auctions conducted in last two years, has sold nearly 11.1 million tons of ore, of the total 15.5 million tons identified for the purpose as per Supreme Court directives. It has earned revenue of around Rs 1500 crores.
Team TNV
