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Launch of 2nd attempt of auction of 11 coal mines very soon: Pralhad Joshi

Ministry of Coal has signed agreements with the eight successful bidders pursuant to the auction of the second tranche of coal mines for commercial mining on Thursday
Launch of 2nd attempt of auction of 11 coal mines very soon: Pralhad Joshi
Launch of 2nd attempt of auction of 11 coal mines very soon: Pralhad Joshi

New Delhi: The Ministry of Coal has executed agreements with the eight successful bidders pursuant to the auction of the second tranche of coal mines for commercial mining on Thursday.

Addressing the meeting of successful bidders, Union Minister of Coal, Mines and Parliamentary Affairs Pralhad Joshi congratulated them for their successful participation in the auction process. The Minister stressed that the Central Government and the Ministry of Coal are on a continuous journey to reform the coal sector and unlock values for the nation’s economy. The success of these auctions will help in further strengthening the vision of an Aatmanirbhar Bharat as it will help reduce India’s coal imports, the Minister added.

Joshi appealed to all the coal-bearing states to facilitate the opening of allocated coal mines so that India could make use of its abundant coal resources to ensure energy security for its citizens. The Minister announced that the next tranche of commercial mines auction would be launched in October/ November 2021. The details of most of these mines are already available in the public domain, and some more mines shall be added to the list. Meanwhile, the Ministry of Coal is coming out very soon with the tender document for the second attempt of the auction of 11 coal mines in the ongoing auction tranche for the coal mines, which have received single bids.

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Eight coal mines have been successfully auctioned with the winning percentage of revenue share ranging from 6 percent to 75.5 percent with an average percent revenue share of ~30%. The electronic auction of these mines was conducted in the first week of August this year.

SBI Capital Markets Limited, sole Transaction Advisor to Ministry of Coal for the commercial coal mine auction, had devised the methodology and assisted Ministry in the conduct of the auction.

The mines for which these Coal Mine/ Block Production and Development Agreements were executed are Bhaskarpara, Burakhap Small Patch, Gondkhari, Jogeshwar & Khas Jogeshwar, Rauta Closed Mine, Bhivkund, Jhigador and Khargaon. The Successful Bidders include Sunflag Iron & Steel Company Limited, South West Pinnacle Exploration Limited, Prakash Industries Limited, CG Natural Resources Private Limited, Adani Power Maharashtra Limited and Shreesatya Mines Pvt Ltd.

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