With the Ministry of Mines notifying rules for the e-auction, the eight mineral-rich states, including Karnataka, are set to start the process by mid-June.
The eight mineral rich states — Karnataka, Rajasthan, Jharkhand, Madhya Pradesh, Chhattisgarh, Gujarat and Odisha — have identified 200 mines with iron ore, limestone and bauxite deposits for auction. The Karnataka government intimated the ministry that it has identified eight iron ore blocks spread across 600 hectares for auctioning and it may start the bidding around June 15.
While the Ministry of Mines made broad rules for the auctions, the states have to fix the reserve prices for each mines as well as minerals. The states will also have to fix the pre-bid amount in the two-stage auctions that will involve technical and price offers made by companies.
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