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LATEST NEWS UPDATES | All you want to know about coal mine auctions -Satya Sontanam

All you want to know about coal mine auctions -Satya Sontanam

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published Published on Jun 22, 2020   modified Modified on Jun 23, 2020

-The Hindu Business Line

Last week, Prime Minister Narendra Modi threw open the auction of 41 coal blocks for commercial mining. The decision, which was part of the announcements made by the Centre under the Atmanirbhar Bharat Abhiyan, was already proposed in January through the Mineral Laws (Amendment) Ordinance, 2020.

What is it?

These auctions invite participants to mine coal blocks by bids on the percentage value of coal sold that they will be willing to share with the government. Successful bidders will obtain leasing rights from State governments to mine a coal block for a certain period.

What’s new about the recent auction of 41 coal blocks is that this is the first time private players have been allowed to mine coal for commercial mining purposes, without any end-use restrictions. That is, unlike now, mined coal can be sold outside. There is no requirement that it should be used only for the firms’ own consumption.

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The Hindu Business Line, 22 June, 2020, https://www.thehindubusinessline.com/opinion/columns/slate/all-you-want-to-know-about/article31892169.ece


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