Eight iron ore blocks will be among the total of 12 mineral blocks to be auctioned across India during the August-September period of the current year, according to notice inviting tenders (NITs) issued by various state governments.
The auction of the mineral blocks will be conducted by the respective state governments, with eight iron ore blocks to be put up for bidding by the Karnataka government, the NIT issued by the government showed.
Officials at India's Ministry of Mines said that it is likely that for the first time successful bidders at the auctions over the next two months will be granted approvals which will include all the mandatory clearances that a miner needs from the central government to operationalize a mining asset.
This will ensure the minimum gestation period between successfully bidding for a mineral asset at the auction and the date of commencing production from the mine, the officials added.