PANAJI
The Directorate of Mines and Geology (DMG) has identified a total 1.17 million tones of iron ore during the 29th phase of e-auction to be held from October 4-6.
The ore, comprising 22 lots, is lying at various locations including mining leases and jetties. The e-auction will be conducted by Metal Scrap Trading Corporation (MSTC).
“The iron ore that is being auctioned is on as is where is basis lying on the jetties or within the erstwhile mining leases or on the plots other than jetties/erstwhile mining leases. The cargo that is being auctioned may be in the form of fines, lumps and ROM or a mixture of the same,” the DMG said.
The DMG has allowed only end-user and exporters to participate in the e-auction. The department has clarified that the cargo purchased by end-user cannot be used for export and must be utilized only for domestic consumption; whereas ore won by export has to be compulsorily exported and no intermediate sale is permitted.
The successful bidder will have to lift the cargo from the original location within 90 days of declaration of the winning bids.
“In case the successful bidder fails to lift the cargo from the erstwhile mining lease or plot or from the jetty point within 90 days’ of declaration of the winning bidder as the successful bidder by the DMG then both the cargo and the entire amount paid to the DMG stands forfeited without any further notice to be given by the DMG to the successful bidder for the same,” the department said.
Since January 2014, the department has so far sold around 15 million tonnes of ore through 27 e-auctions, generating revenue of Rs 1,500 crore.
DMG has recently granted time till October 31 to the past successful bidders of e-auction to lift the ore from the original locations.
