The mine is expected to generate annual revenue of Rs 800 crore when it reaches peak production Adani Group’s Stratatech Mineral Resources has emerged as the highest bidder for a large coal block in Madhya Pradesh by offering a revenue share of 12.5 percent.
The company pipped Hindalco Industries to bag the Dhirauli coal mine which has geological reserves of 586.39 million tonne and is estimated to generate Rs 398.27 crore revenue per annum when mines attains peak production capacity of three million tonne.
On the second day of the coal auctions, the Andhra Pradesh Mineral Development Corporation offered 41.75 percent revenue share to emerge as the highest bidder for a small mine in Jharkhand.
The Brahmadiha coal block has geological coal reserves of five million tonne and is likely to generate annual revenue of Rs 114.81 crore once it reaches peak-rated capacity.
Four coal mines (three in Madhya Pradesh and one in Jharkhand) were put up for auction on day two of the commercial coal mine auction. The total geological reserves of the mines put up for the auction are 1,085 million tonne with a cumulative peak capacity of 9 million tonne per annum.
Aditya Birla Group’s EMIL Mines and Mineral Resources offered the highest 21 percent revenue share for the Bandha coal mine in Madhya Pradesh which has large geological reserves of 441.50 million tonne.
The mine is expected to generate annual revenue of Rs 800 crore when it reaches peak production capacity of five million tonne per annum. Adani Enterprises and Aurobindo Realty and Infrastructure were the other bidders for the mine.
Sarda Energy and Minerals is close to bagging the Sahapur West coal block in Madhya Pradesh which has 52.68 million tonne reserves. The company offered 26 percent share for the Sahapur West block which is expected to generate Rs 103.83 crore annually, based on annual peak capacity of 0.60 million tonne
The winning bids will be sent by the nominated authority to the Coal Ministry for final approval.
The Coal Ministry will auction 19 coal mines in this round that will end on 9 November 2020. It auctioned five coal mines on 2 November 2020 while three mines will be on block on 4 November 2020.
The auction process of 38 coal mines for sale of coal was launched by the Coal Ministry on June 18. A total of 76 bids were received for 23 coal mines. But the required two or more bids were received for only 19 coal mines.
