Odisha auctions first iron ore mine; govt to earn ₹11,300 crore – Feedback

Odisha has seen the auction of first iron ore mine following last year’s new MMDRA, with government expected to earn a revenue of ₹11,328 crore.

“Odisha yesterday successfully conducted a mining lease auction of a iron ore block with estimated reserves of over 99 million tonnes (MT) and the total revenue expected from the block over the lease period of 50 years is around ₹11,328 crore,” a senior government official said. The total revenue includes a royalty of around ₹2,779 crore, DMF contribution of ₹278 crore, NMET contribution of ₹56 crore. The total estimated value of the iron ore reserve is about ₹18,500 crore, the official added. In total, 14 blocks of iron ore — a key ingredient in steel making — have been offered by states, which includes 14 by Karnataka and one each by Maharashtra and Odisha.

http://www.thehindubusinessline.com/news/national/odisha-auctions-first-iron-ore-mine-govt-to-earn-11300-crore/article8309794.ece

About news

We take care of publishing the latest investment news and highlights for Feedback

Leave a Reply

Your email address will not be published. Required fields are marked *