Balco bags another coal block in Chhattisgarh

Bharat Aluminium Company (Balco) bagged one more coal block on the eighth day of the auction, taking the total number of mines sold so far through the ongoing auction to 18 that will generate an estimated over Rs 1 lakh crore for respective states. Of the 19 blocks put on sale in the first tranche, 18 have been sold in eight days. Sunday is the last day for the auction of mines in the first tranche. The remaining one — Gare Palma IV-7 mine in Chhattisgarh — is the most sought after block as 12 bids have technically qualified for this non-power sector mine. “Gare Palma IV-1 mine closed at Rs 1,585 (per tonne) and the winner is Balco,” a coal ministry official said. Earlier, Balco had bagged the Chotia mine in the same state. Gare Palma IV/1 in Chhattisgarh has extractable reserves of 49.57 mt. This is expected to generate Rs 7,856 crore for the state.