Andhra Pradesh Mineral Development Corporation (APMDC) proposed a 41.75% earnings share as the biggest bidder for a minor mine in Jharkhand on the second day of the coal auction.
New Delhi (Natural Energy News): Adani Group's Stratetech Mineral Resources Private Limited on Tuesday became the highest bidder for a large coal block in Madhya Pradesh with a revenue share offer of 12.5%. The company has authorized Hindalco Industries to acquire a geological coal mine of 586.39 million tonnes, which is estimated to generate revenue of Rs.398.27 crore per year when the production capacity of the mines reaches 3 million tonnes.
On the 2nd day of the coal auction, Andhra Pradesh Mineral Development Corporation(APMDC) proposed a 41.75% earnings amount as the biggest bidder for a minor mine in Jharkhand. The geological coal reserves in the Brahmadi coal block is 5 million tonnes and is expected to generate annual revenue of Rs 114.81 crore after reaching peak rated capacity.
Related Article: 5 coal mines offered on first day of auction for commercial use
“Four coal mines (three in Madhya Pradesh and one in Jharkhand) were put up for auction on day 2 of the auction of a commercial coal mine. The entire geological resources of the mines which were put up for coal auction are more than 1085 million tonnes, with an incremental maximum quantity of 9 million tonnes every year. A statement from the Ministry of Coal said that the e-auction saw strong competition among bidders with all mines, attracting a good premium over the reserve price.
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