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Vedanta Emerges As Successful Bidder For Bicholim Mining Block In Goa
In a development paving way for resumption of iron ore mining in Goa, the state government announced that Vedanta Limited has emerged as successful bidder for mining block auctioned earlier this year
Topics
Goa | Vedanta | iron ore miners
In a development paving the way for resumption of iron ore mining in Goa, the state government announced on Wednesday that Vedanta Limited has emerged as successful bidder for a mining block auctioned earlier this year.
Chief Minister Pramod Sawant told reporters that Vedanta was the highest bidder with 63.55 per cent revenue for Bicholim Mining Block, spread over 485 hectares. The state government had started the process to auction four mining blocks in the state including the Bicholim one earlier this year.
The existing block was being operated by Vedanta itself before iron ore mining was stopped in the coastal state on the Supreme Court's orders in 2012. As many as 51 tender documents had been taken for the four blocks and eleven companies finally submitted their bids, Sawant said. Five companies had submitted bids for Bicholim Block, he added.
State Director of Mines and Geology Suresh Shabhogue said the successful bidders will have to obtain fresh approvals including Environment Clearance and Consent to Operate. Mining could thus resume in Goa post-monsoon in 2023, he said. Estimated "resources" (value of minerals) for all four blocks cumulatively is Rs 43,000 crore, of which successful bidding companies have to pay 0.5 per cent or Rs 215 crore.
Of Rs 215 crore, 15 per cent has to be paid within 15 days after which the state government will issue a Letter of Intent, Shabhogue said, adding that the mining lease will be for 50 years.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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First Published: Wed, December 14 2022. 23:14 IST
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