India: OMC to Auction 50,000 MT Low Grade Iron Ore Fines

State based miner - Odisha Mining Corporation (OMC) has scheduled its next iron ore fines e-auction on 13th May'20. The auction will be conducted for 50,000 MT iron ore low grade fines of grade Fe 58%.

The entire quantity of fines put to auction is from Gandhamardan mines. The base price is set at INR 750/MT.

OMC's last fines e-auction was conducted on 30th Apr'20. Out of 429,000 MT iron ore fines put to auction, only 137,000 MT (32%) got booked. However, out of the total quantity of 40,000 MT low grade ore put to auction from Koira mines entire material received bids at INR 1,000/MT against base price of INR 750/MT.

In last fiscal, OMC's iron ore production too went up 18.22% to 12.39 MnT. Innovative methods for scaling up mining operations and minimizing the operational costs contributed to the growth in output.