India News | Process to Auction Nine Mineral Blocks in Bihar Begins

Patna, Jun 27 (PTI) Upbeat over the discovery of nine mineral reserves in the state, the Bihar government on Tuesday decided to engage SBI Capital Markets (SBI CAPS) as 'transaction advisor' and state-run Metal Scrap Trading Company (MSTC) for providing the platform for auction of the mineralised areas.

The decision was taken at a cabinet meeting chaired by Chief Minister Nitish Kumar here on Tuesday following a proposal mooted by additional chief secretary (mines and geology department) Parmar Ravi Manubhai.

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“The Cabinet approved the proposal to engage SBI CAPS as transaction advisor and MSTC for providing the platform for auctioning the newly found mineral reserves. The Cabinet approved a budget of Rs. 2.2 crore for engaging both the organisations. The auction process of these mineral blocks in Jamui, Rohtas, Gaya, Aurangabad, Munger and Jehanabad districts will start soon,” additional chief secretary (cabinet secretariat) S Siddharth told reporters.

He said, “Nine mineral blocks that are ready for auction have been confirmed by the central government. These include 48.40 MT (million tonnes) of magnetite in non-forest areas of Majos (Jamui), 88.38 MT of Glauconite in a 12.46 sqkm non-forest area in Pipradih-Bhurwa mineral block and Chutia-Nauhatta block in Rohtas and rocks hosting chromite (Cr), nickel (Ni), platinum group of elements (PGE) in Gaya district, etc.”

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“Innovative mineral exploration activities using state-of-the-art technology have resulted in the discovery of mineral reserves in different parts of the state in the recent past,” said a senior official of the mines and geology department.

SBICAPS, as the transaction advisor, will suggest the terms and conditions based on which mining auctions would be conducted, he said, adding the discovery of strategic, critical and fertilizer minerals in 'non-forest' areas is a matter of great satisfaction "as we don't have to seek mandatory permission from the authorities before initiating auction."

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)