Odisha set to garner Rs 1 trn in 50 years from auction of 20 merchant mines

The auctions of 20 merchant mines initiated by Odisha is set to mop up Rs one trillion in revenue for the state government over the lease period of 50 years.

The lease validity of these iron and manganese ore blocks notified for auctions is expiring by March 31, 2020. Whilst five iron ore blocks are set aside for end user industries, the remaining 15 are earmarked for bidding by merchant miners. Steel players, sponge iron ore producers, pellet manufacturers and pig iron makers along with leading merchant miners are anticipated to bid aggressively for these blocks and place steep premiums