Goa government fails to significantly liquidate unsold iron ore stocks

Thursday, 29 August 2019 10:53:23 (GMT+3)   |   Kolkata
       

The government of the western Indian state of Goa has failed to significantly liquidate iron ore stocks through e-auctions held over the past week, according to figures released by the state government.

According to the government figures, it was able to liquidate only 1.7 million mt of iron ore of the total of 5.3 million mt offered through two rounds of e-auction conducted by the government over the past week.

With around 88 iron ore mines remaining closed since March 2018 following a court order, the Goa government has been attempting to liquidate stocks lying at pitheads and stockyards through e-auction expecting to net 60 percent of the sales revenues, with the balance going to the owners of the closed mines to meet extraction costs.


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