Goa government plans fresh e-auction of idle iron ore stocks at port stockyards

Wednesday, 20 January 2021 12:30:06 (GMT+3)   |   Kolkata

The government of the western Indian state of Goa is planning another round of e-auction of 2.6 million mt of iron ore lying idle at port stockyards, a government official said on Wednesday, January 20.

The official stated that the state’s Directorate of Geology and Mines has sought official approval from the government to hold an auction of idle stocks. He said that, with iron ore mining in the state continuing at a standstill for the last three years, revenue earnings from the mining industry have dried up and the government has been forced to resort to high borrowings to meet revenue expenditure, and the e-auction of idle iron ore was an option to bolster the earnings of the state.

However, in the last e-auction of idle iron ore stocks held by the state government, only 1.1 million mt or less than 39 percent of the total volumes put on offer found buyers.

India’s Supreme Court had in 2012 ruled that the renewal of mining leases for iron ore mines in Goa without auctions was illegal and had directed the closure of all mining operations in the state.

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