Encouraged by the revival of international prices, the government of the eastern Indian state of Goa has decided to put the entire last lot of 7.76 million mt of iron ore fines at dumps across the region up for sale in the final auction to be held within the next one month, a Goa government official said on Monday, April 25.
The official said that, if successful, the final auction will completely liquidate the entire stock of iron ore fines idling at dumps across Goa, which at one point last year was estimated at 15.5 million mt. The last two auctions held since early this year failed to attract any buyers, he said.
At the same time, to ensure higher participation at the auction, the Goa government has reduced the mandatory refundable deposit that each bidder will need to make before participating in the auction, the official said.