Latest News | Auction of 15 Mineral Blocks Quashed

New Delhi, Jul 10 (PTI) Auction of 15 mineral blocks has been quashed in the ongoing financial year, while 32 mines have been put on sale successfully.

Of the mines whose auction is annulled, five each are limestone and manganese blocks, two each are bauxite and phosphorite blocks and one is a gold mine.

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On the status of auction of mineral blocks in FY23 as on June 7, 2022, the mines ministry said 11 are in Madhya Pradesh and two each are in Chhattisgarh and Uttar Pradesh.

However, no reasons were given for the annulment of the auction of the 15 blocks.

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Of the 32 blocks auctioned, 10 are manganese, eight are limestone, seven are iron ore, five are bauxite and one each is graphite and phosphorite.

Total 10 mineral blocks were auctioned in Madhya Pradesh, eight in Andhra Pradesh, four each in Chhattisgarh and Karnataka, two each in Maharashtra and Odisha and one each in Rajasthan and Uttar Pradesh.

The government had earlier said that the auction of mineral blocks has stabilised in the country.

Total 46 mineral blocks were successfully put on sale in 2021-22.

During last seven years, the government has introduced important reforms to open up the mineral sector to ensure its contribution in achieving the national policy goals.

Major reforms include enactment of the Mines and Mineral (Development & Regulations) (MMDR) (Amendment) Act, 2015, which made the process of allocation of mineral concessions completely transparent by introducing public auctions with active participation of state governments.

In the federal set-up, states are owners of mineral wealth in their respective territories.

For realising the benefits of mineral wealth, states have primary and significant role to come up with auctionable mineral blocks that have rance, to start production.

The mines ministry had earlier said that the amendment in mineral auction rules will encourage competition that will ensure more participation in sale of blocks.

The mines ministry had earlier notified the Minerals (Evidence of Mineral Contents) Second Amendment Rules, 2021, and the Mineral (Auction) Fourth Amendment Rules, 2021 to amend the Minerals (Evidence of Mineral Contents) Rules, 2015 and the Mineral (Auction) Rules, 2015 (Auction Rules), respectively.

(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)