The Ministry of Coal in India has reportedly put on commercial auction a collection of 122 coal and lignite mines in the country.

According to the Economic Times, Union Minister of Coal, Mines and Parliamentary Affairs Pralhad Joshi said 42 have already been successfully sold. Eighteen hitting the block are new mines.

Of the group, there are 109 coal mines under 15th Tranche of Coal Mines (Special Provisions) Act, 2015 and 5th Tranche of Mines and Minerals (Development & Regulation) Act, 1957. Of the 109, 59 are fully explored and 50 are partially explored.

A total of nine coal mines are under second attempt of the acts.

Through the auction process, the Ministry of Coal reportedly offered key features including the introduction of the National Coal Index, ease in participation with no restrictions for prior coal mining experience, and full flexibility in coal utilisation. Also permitted will be optimised payment structures, efficiency promotion through incentives for early production, and the use of clean coal technology; additional incentives are being contemplated by the agency.

According to the news service, auctions began on 30 March. All details of the mines, auction terms and timelines can be found on the MSTC auction platform.

Source: Economic Times