Miners want more bidders for better price discovery at auctions

Fimi wants tender document to contain all geological reports, uniform bidding system across states

Mining companies have suggested a string of changes in the bidding parameters to make auctions of mineral blocks more attractive and ensure better price discovery of the auctioned assets.

As the Union mines ministry mulls changes in the Mineral Auction Rules, 2015, the Federation of Indian Mineral Industries (Fimi), the body lobbying for miners' interest has proposed a slew of changes in the bidding clauses.

"All technically qualified bidders should be allowed to bid and not merely the top 50%. This will moderate the initial bidding percentages. It will have more number of participants and bidders and enhance competition resulting