Team News Riveting
New Delhi, November 3
Stratatech Mineral Resources, an arm of Adani Enterprises Limited (AEL), has emerged as the highest bidder for Dhirauli coal mine located in Madhya Pradesh.
This would be company’s fully-owned first coal mine in India.
According to coal ministry statement, four coal mines (3 in Madhya Pradesh and 1 in Jharkhand) were put up for auction on Day 2 of Commercial Coal Mine Auction held today. The total geological reserves of the mines put up for auction are 1085 million tonne (MT) with a cumulative peak rate capacities (PRC) of 9 MT per annum.
The e-auction witnessed strong competition amongst the bidders with all mines attracting good premiums over the reserve price.
Stratatech Mineral Resources, which AEL acquired in October 2019, placed the highest closing bid for Dhirauli mine. It trounced the only other bidder Hindalco Industries by quoting 12.5 per cent premium on the revenue share.
The Dhirauli coal mine that has a geological reserve of 586.39 MT, would be the first mine of Adani group in India. The first private mining company, which pioneered the concept of Mine Developer and Operator (MDO), owns only Carmichael coal mine that too abroad in Australia.
The mine has a PRC of 3 MTPA and Annual Revenue Generated based on PRC of mine would be 398.27 crore.
