7th round of coal mine auctions to begin tomorrow

28 Mar 2023 , 07:55 AM

The government will begin the seventh round of commercial coal auctions on Wednesday by placing on the market 106 coal mines. The coal ministry announced in the statement that it will also be signing the contracts for the 28 coal mines up for auction in the sixth round of auctions.

The seventh round of coal mine auctions  will begin on March 29, 2023, according to the statement. ‘The Ministry of Coal will be signing the agreements for 28 coal mines auctioned under the sixth round,’ it said.

The 28 coal mines that were auctioned off in the previous round have a combined PRC (peak rated capacity) of 74 million tonnes per annum (MTPA), and they are predicted to produce an annual revenue of Rs 14,497 crore when calculated at PRC. These mines are anticipated to produce one lakh jobs once they are operating, according to the ministry.

Of the 106 coal mines offered in the seventh round, 45 are fully explored and 61 are only partially so. The most recent round of auctions includes 95 non-coking coal mines, one coking coal mine, and 10 lignite mines.

Beginning on March 29, 2023, the sale of tender documents will begin. Through the MSTC auction platform, you can access information on the mines, the rules of the auction, deadlines, etc. According to a percentage income share, a transparent two-stage process will be used to conduct the online auction.

The event will be presided over by Union Minister of Coal, Mines and Parliamentary Affairs Pralhad Joshi, who will also serve as the guest of honour, and Rajnath Singh, the minister of defence, who will serve as the chief guest and open the next round of bidding.

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