The Nominated Authority in the Coal Ministry had launched the second attempt of the auction for 11 coal mines earmarked for sale of coal last month. Four mines under the Tranche 12 of Coal Mines (Special Provisions) Act and Seven mines under the Tranche 2 of Mines and Minerals (Development and Regulation) Act. These were the mines that were offered in the first attempt launched on 25th March this year and had fetched single bids.
Ministry of Coal today organized a pre-bid conference for prospective bidders. Presentations were made on terms and conditions of auction, technical details of mines and National Coal Index by SBI Capital Markets Limited, Central Mine Planning and Design Institute, and DDG.
Coal Ministry said, the auction shall be held online through a transparent two-stage process, on the basis of percentage revenue share. Key features of the auction process include the introduction of the National Coal Index, ease in participation with no restriction for prior coal mining experience, full flexibility in coal utilization, optimized payment structures, efficiency promotion through incentives for early production and use of clean coal technology.
Prospective bidders are in the process of registration and purchase of the tender documents from the auction portal. Similar to the wholehearted response received in the times of the Covid-19 pandemic, the Ministry of Coal expects greater participation from more companies in the times to come.
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