Launch of the Second Attempt of Auction Process for Eleven Coal Mines for Sale of Coal
The Nominated Authority of the Ministry of Coal has launched today the second attempt of the auction process for eleven coal mines (4 mines under the Tranche 12 of CM(SP) Act and 7 mines under the Tranche 2 of MMDR Act) earmarked for Sale of Coal in accordance with the rules prescribed under these Acts. Out of these 11 mines, six are fully explored and five are partially explored. These were the mines that were offered in the first attempt launched in March 25this year and had fetched single bids.
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.
The commencement of the sale of the tender document shall start from 27th September 2021. Details of the mines, auction terms, timelines, etc. can be accessed on MSTC (https://www.mstcecommerce.com/auctionhome/index_new.jsp ) auction platform.
