Goa defers iron ore e-auctioning after slump in intl prices

Tags: News
The Goa government has put on hold the fifth e-auctioning of iron ore, which was scheduled to be held this week, owing to falling prices in international markets.

The e-auctioning has been postponed, it may be held sometime next week, state mines and geology department director Prasanna Acharya said.

"The state government will have to decide the further date," he said.

"Looking at the international prices of the ore we decided to postpone the e-auctioning. The international market does not look promising at this point of time," he said.

Chief Minister Manohar Parrikar, who is currently out of station, will return on September 9 and only after that the call on the next date of e-auctioning would be taken, he said.

Around 2.18 million tonnes of ore was supposed to be put for e-auctioning by the state government, which has already auctioned in four different phases and earned Rs 583 crore revenue in the form of sale proceeds, besides Rs 62.2 crore as Value Added Tax, royalty, transport cess and processing fee.

The e-auctioning is being held under the supervision of a monitoring committee appointed by the Supreme Court.

Total 15 million metric tonnes of ore lying at Mormugao Port Trust, jetties and mining leases is supposed to be sold through auctioning.

The first e-auctioning was held on February 17 this year with 5.8 lakh tonnes of ore fetching Rs 102 crore, followed by 10.75 lakh e-auctioned on March 5, collecting Rs 167 crore.

The third e-auctioning was held on May 12, wherein 5.53 lakh tonnes was auctioned for Rs 77 crore, and the fourth e-auction was held for three days on August 19, 20 and 21 when 19.36 lakh tonnes of ore was sold, earning Rs 237 crore for the state government.

EDITORIAL OF THE DAY

  • RBI must now educate investors on the benefits of debt market

    It is uncommon for the central bank to act on a policy decision within a week of submission of a specialist report.

FC NEWSLETTER

Stay informed on our latest news!

TODAY'S COLUMNS

Urs Schoettli

Japan needs more women in high office

Japan does not rank high in international tables, when it ...

Kuruvilla Pandikattu

Giving up faith is a complex act

We have met many people who have given up religion ...

Shona Adhikari

Belated recognition of women in America's modern art movement

This week we focus on a very important exhibition that ...