India: Karnataka govt invites bids for nine iron ore mines
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- Tender document for blocks priced at INR 500,000
- Last date to submit tender documents is 20 Nov'24
The Directorate of Mines and Geology, Government of Karnataka, has released a notification inviting bids for nine iron ore mines. This move comes under the powers conferred by Section 10 (B) of the Mines and Minerals (Development and Regulation) Act, 1957, and follows the guidelines set by the Mineral (Auction) Rules, 2015.
The government has set the price of the tender document for each block at INR 500,000, exclusive of 18% GST, which is payable under the Reverse Charge Mechanism. So far, the Karnataka government has successfully auctioned five iron ore blocks since 2022.
Details of the iron ore mines to be auctioned
Notably, the sale of tender documents has commenced from 4 October 2024. The last date to submit the tender document on the MSTC Ltd website is 20 November. Technical bids and initial price offers are to be submitted by 21 November, 17:00 hrs, on the MSTC Ltd website.
This electronic auction is part of Karnataka's ongoing efforts to manage and regulate its mineral resources effectively, ensuring transparency and encouraging participation from eligible mining entities.
