The government of the western Indian coastal state of Goa has forwarded a list of iron ore blocks to the Geological Survey of India (GSI) to conduct an estimation of reserves in each of these blocks before they are put up for auction, a government official said on Monday, December 8.
The official said that estimates of the reserves of each of the iron ore blocks is needed to fix the reserve price before the assets are put up for auction. He said that Goa has already completed the auction of 11 blocks of which only five have started production, with two scheduled to do so very soon.
The government will decide on the mechanism to allocate maximum production limits for each iron ore mine operating in the state in view of the recent ruling of the Supreme Court setting a maximum annual ceiling of 20 million mt that can be exported per year from all the mines.
