Team News Riveting
Panaji, June 10
Vedanta Limited, a diversified natural resources company with headquarters in Mumbai, had been declared as “preferred bidder” for an iron ore mine in Goa.
The government of Goa had invited tenders to participate in electronic auction for grant of mining lease in respect of iron ore mines in the state. The company said it had submitted its bid for grant of mining lease.
The state government has finally closed the second round of e-auction of five mineral blocks after finalising Vedanta Limited as the winning bidder for the Cudnem mineral block VII.
“As per the notice dated June 9, 2023, issued by the Directorate of Mines and Geology, Government of Goa, the Company has been declared as ‘Preferred Bidder’ in respect of electronic auction of Block VII – Cudnem Mineral Block based on highest Final Price Offer of 93.15 per cent submitted by the Company,” Vedanta Limited said in a regulatory filing on Saturday.
The grant of Mining Lease by the Government of Goa in respect of aforesaid mine shall be subject to making of necessary payments, completion of other terms and conditions of the Tender Document, obtaining of necessary approvals, permissions, clearances from various Government Departments, Agencies and execution of necessary agreements and deeds in the matter, the company added.
The auction of the Cudnem mineral block VII was conducted on April 26, but the result withheld on technical grounds. The second round of auction of the five mineral blocks commenced on April 21 and ended on April 28. It will earn the state Rs 12.09 crore by way of the first instalment of the upfront fees.
The five mineral blocks sold in the second round have total iron ore reserves of 89.2 million tonnes and valued at around Rs 12,000 crore. The state’s first round of sale of four mineral blocks was held in December 2022. The winning bidders were local mining companies – Rajaram Bandekar Mines (Monte de Sirigao block), Vedanta Ltd. (Bicholim block), Salgaonkar Shipping Co. (Sirigao-Mayem block) and Fomento Resources (Kalay mineral block).
