New Delhi: Stakeholders’ consultation organized by FICCI, on the ongoing second tranche of the auction of coal mines for sale of coal (commercial mining), is held by the Ministry of Coal. This second tranche was virtually held on 15 June 2021 where mining and metal business, mining equipment manufacturers, mine developers and operators (MDOs), banks, and financial institutions were present too.
The rolling auction mechanism implemented by the Ministry of Coal will expedite the allocation process of coal mines, bringing in greater transparency, ensuring better availability of mines on offer to potential investors, and is synergistic to the objective of the Government of India to faster operationalization of newer coal mines for the energy security of the nation.
67 mines with a total resource of almost 36 billion tonnes and explored mines PRC of ~150 MTPA were offered during 2nd tranche auctions of coal mines for commercial mining, says IAS Additional Secretary & Nominated Authority, Ministry of Coal.
The 2nd tranche auction process was formally launched by Union Minister of Coal, Mines & Parliamentary Affairs Shri Pralhad Joshi and Shri Amitabh Kant, CEO, NITI Aayog in another large stakeholder gathering organized by SBI Capital Markets Limited on 25th March 2021 in the presence of senior officials from Ministry of Coal, key dignitaries and promoters from the mining sector, industry associations.
The auction shall be held online through a transparent 2 stage process. This auction will further bring economic growth and prosperity for the Indian Coal Sector by stating price changes based on the market, reducing impacts on the environment.
Commercial mining of coal shall step into the expectations of Aatmanirbhar Bharat. When the lockdown imposed will be withdrawn, the Ministry of Coal shall complete the work related to potential bidders.