7 Mineral Blocks Have Been Auctioned After Auctioning of Mines Made Transparent by The MMDR Amendment Act 2015
The Minister of State (Independent Charge) For Power, Coal, New & Renewable Energy and Mines Shri Piyush Goyal said in the Rajya Sabha today that so far 7 mineral blocks have been auctioned in the country. Out of this, 6 blocks were auctioned during the year 2015-16 with estimated additional revenue to the respective state governments of Rs. 13032 crores during the lease period of the mines. One block has been auctioned in 2016-17 with estimated additional revenue of Rs. 106 crores during the lease period. No mines were auctioned during 2014-15.
In reply to a question the Minister said that respective State Governments have indicated a pipeline of 80 blocks which could be considered for auctioning depending on the status of the preparedness in terms of completion of prescribed level of exploration and preparation of geological reports and establishment of mineral contents as per Minerals (Evidence of Mineral Contents) Rules, 2015. Estimated fund flow through the auction is contingent upon the final bids at the time of the auction.
The Minister of State (Independent Charge) For Power, Coal, New & Renewable Energy and Mines Shri Piyush Goyal said in the Rajya Sabha today that so far 7 mineral blocks have been auctioned in the country. Out of this, 6 blocks were auctioned during the year 2015-16 with estimated additional revenue to the respective state governments of Rs. 13032 crores during the lease period of the mines. One block has been auctioned in 2016-17 with estimated additional revenue of Rs. 106 crores during the lease period. No mines were auctioned during 2014-15.
In reply to a question the Minister said that respective State Governments have indicated a pipeline of 80 blocks which could be considered for auctioning depending on the status of the preparedness in terms of completion of prescribed level of exploration and preparation of geological reports and establishment of mineral contents as per Minerals (Evidence of Mineral Contents) Rules, 2015. Estimated fund flow through the auction is contingent upon the final bids at the time of the auction.
Join LAWyersClubIndia's network for daily News Updates, Judgment Summaries, Articles, Forum Threads, Online Law Courses, and MUCH MORE!!"
