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Millennium Post

Govt suggests bidding process under Mines Bill

The Centre on Wednesday proposed a two-stage bidding process to states for auctioning major minerals like iron ore, with the highest revenue share offered in the first round becoming the base price for e-auction. In the first round, technically qualified bidders will be asked to quote the percentage of revenue they will share with the state government. "The highest initial offer submitted by a technically qualified bidder shall be the floor price for the second round of electronic auction," according to the draft rules for auction of major mineral bearing mines released on Wednesday.

While the state government will be authorised to conduct the auction, the Union government has sought comments of the stakeholders on the draft rules it has framed for the process. "The last date for receipt of the comments or suggestions is April 23, 2015," it said. Last month, The Mines and Minerals (Development and Regulation) Amendment Bill, 2015 was passed by Parliament paving way for auction of major mineral bearing mines.
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