Coal Ministry conducts second attempt of auction for 11 coal mines

New Delhi [India], October 11 (ANI): The Nominated authority in the Ministry of Coal had launched the second attempt of the auction for 11 coal mines (four mines under the Tranche 12 of CM(SP) Act and 7 mines under the Tranche 2 of MMDR Act) earmarked for sale of coal last month, informed Ministry of Coal on Monday.
These were the mines that were offered in the first attempt launched on March 25, 2021, and had fetched single bids.
Ministry of Coal has organised a pre-bid conference today for prospective bidders. Presentations were made on terms and conditions of auction, technical details of mines and National Coal Index by SBI Capital Markets Limited, Central Mine Planning and Design Institute (CMPDI) and DDG respectively.
The auction shall be held online through a transparent two-stage process, on the basis of percentage revenue share. Key features of the auction process include the introduction of the National Coal Index, ease in participation with no restriction for prior coal mining experience, full flexibility in coal utilisation, optimized payment structures, efficiency promotion through incentives for early production and use of clean coal technology.
Prospective bidders are in the process of registration and purchase of the tender documents from the auction portal. Similar to the wholehearted response received in the times of the COVID-19 pandemic, the Ministry of coal expects greater participation from more companies in the times to come. (ANI)