States get ready for 2nd phase of mines auction in Sept – Feedback

After the industry’s lukewarm response to the first phase of mines auction, states are gearing up for the second, which will see mines bearing minerals like gold, diamond and iron ore go under the hammer.

Five states — Karnataka, Andhra Pradesh, Madhya Pradesh, Rajasthan and Jharkhand — will offer a total of 29 mines for the auction that will commence from the third week of this month, a senior government official said. “This time, there are 14 iron ore mines, 12 blocks of limestone and 1 block each of gold, diamond and copper,” the official added. According to analysts, there will be good response for iron ore mines, and gold and diamond too will see interest. However, the industry does not seem very enthusiastic about limestone blocks, which they say could be owing to the slump in the cement market. “Though cement market seems to be reviving, there does not seem much interest from the industry. Companies do not seem to be very active in bidding for the blocks,” a senior official from a cement firm said.

http://economictimes.indiatimes.com/industry/indl-goods/svs/metals-mining/states-get-ready-for-2nd-phase-of-mines-auction-in-sept/articleshow/54016492.cms

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Your email address will not be published.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 *