Commercial Coal Mine Auction: Hindalco wins Meenakshi mine, JSPL bags Utkal- C mine in the third tranche

14 Feb 2022 , 02:33 PM

Hindalco Industries and Jindal Steel And Power Limited (JSPL) were among the companies to win mines during the 2nd and 3rd day of the commercial Commercial Coal Mine Auction – third tranche. However, on Monday, both the companies stocks are trading on a selling bias due to bearish broader markets.

On February 11, 2022, the Ministry of Coal announced that it had launched the auction of coal mines for commercial mining under the 13th Tranche of CMSP Act and the 3rd Tranche of MMDRAct on October 12, 2021. On the 2nd and 3rd day of the e-auction, cumulative five coal mines were put up for auction of which three coal mines were CMSP coal mines and two were MMDR coal mines.

Hindalco won Odisha-based Meenakshi mine with PRC of 12 mtpa and Geological Reserves of 285.23 MT. While JSPL won yet again Odisha-based Utkal- C mine with a PRC of 3.37 mtpa and Geological Reserves of 196.347 MT.

Other companies who also won in the auction are – Assam Mineral Development Corporation winning Assam-based Garampani mine and BS Ispat Limited winning Maharashtra-based Majra mine and Platinum Alloys winning Arunachal Pradesh-based Namchik Namphuk mine.

The total geological reserves for these coal mines are 528.051 Million Ton. The cumulative PRC for these coal mines is 16.07 MTPA.

At around 2.31 pm, Hindalco was trading at Rs522.40 per piece down by 3.8% on BSE, while JSPL nosedived by over 6.1% to Rs409.60 per piece.