Mines auction to kick off from December

Bhubaneswar: Auctioning of mines in the State is all set to begin from December. According to the central government guidelines, SBI Capital Markets Ltd has been appointed as the transaction advisor or e-auction provider.

According to sources, the auction process for 10 mines is almost complete. Out of these 10 mines, 4 are iron ore mines, 4 lime stone, one bauxite and a manganese mines. The Differential Global Positioning System (DGPS) survey and other ancillary processes are in an advance stage. The DGPS survey is expected to be completed by October end, informed sources.

In a bid to expedite the process, the Central government, in a letter to the State government, had recommended appointment of a transaction advisor or an e-auction provider. As per the missive, the Centre had recommended SBI Capital Markets Limited (SBI Cap) to be engaged as the transaction advisor in the auction process.

“We will complete all the necessary formalities by October end and SBI Capital Markets has been appointed. According to the discussion with SBI, they will take couple of months to complete the tendering process,” informed Odisha Mines minister Prafulla Mallick.

Notably, the State government has also urged the Centre to take steps to bring another 50 mines to the extraction stage.