Pralhad Joshi launches fourth tranche of coal mine auctioning, says 'this system is totally transparent'

New Delhi [India], December 17 (ANI): The Union Minister of Coal, Mines and Parliamentary Affairs Pralhad Joshi while launching the fourth tranche of the auction of 99 coal mines, assured the investors that the current system of the auction is totally transparent.
"I want to assure investors that this system (of the auction) is totally transparent. I wish to see coal production from these mines at the earliest," said Joshi.
"I urge officials to identify more coal blocks for auctioning. At least for the next 30 to 40 years coal will continue to be crucial in India's energy sector," he added.
As per the official statement, the commencement of the sale of the tender document started on December 16. Details of the mines, auction terms, timelines etc. can be accessed on the MSTC auction platform. The auction shall be held online through a transparent two-stage process, on the basis of Percentage Revenue Share. This round of auction will be the 14th Tranche of auction under the CMSP Act and the 4th Tranche of auction under the MMDR Act.
"The fourth tranche of the auction includes 24 new mines. Of these 99 mines on offer, 59 are fully explored mines and 40 are partially explored. These mines are spread across eight coal-bearing states of Jharkhand, Chhattisgarh, Odisha, Madhya Pradesh, Maharashtra, West Bengal, Andhra Pradesh and Telangana," reads the official statement.
"The list of mines has been finalized post detailed deliberations and mines falling under protected areas, wildlife sanctuaries, critical habitats, having forest cover greater than 40 per cent, heavily built-up area etc. have been excluded," it added.
The ministry stated that the 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. Further incentives are being contemplated by the Ministry of Coal with a focus on sustainability. (ANI)