The government of the western Indian coastal state of Goa has appointed State Bank of India (SBI), the country’s largest bank, to help auction six to eight iron ore blocks within the month of December this year, government sources said on Thursday, November 25.
The sources said that the iron ore blocks will be auctioned through the newly set up Goa Mineral Development Corporation Limited (GMDCL) and SBI will provide all financial advisory services related to the auction process.
The government is aiming to complete the auction process by December 15, the sources said.
Government-owned Mineral Exploration Corporation Limited (MECL) is nearing completion of exploration of the blocks based on which GMDCL will announce the list of identified iron ore blocks to be put up for bidding.
The latest auction of iron ore blocks will signify the first step towards the resumption of iron ore mining in Goa, halted since March 18, 2018, on the order the Supreme Court which in a verdict stated that 88 mining leases renewed by the government were illegal as such renewals were not through the auction process as stipulated in central mining laws.