1. Chhattisgarh auctions India’s most expensive limestone block

Chhattisgarh auctions India’s most expensive limestone block

A total of 22 mineral blocks with estimated value of resources of over Rs 1 lakh crore have been auctioned till date, the government said today.

By: | New Delhi | Updated: May 3, 2017 6:32 PM
A total of 22 mineral blocks with estimated value of resources of over Rs 1 lakh crore have been auctioned till date. (Reuters)

A total of 22 mineral blocks with estimated value of resources of over Rs 1 lakh crore have been auctioned till date, the government said today. “With this successful auction of one limestone block in Raipur district (Chhattisgarh), a total of 22 blocks with estimated value of resources over Rs 1 lakh crore has been disposed of in a transparent manner till date,” the mines ministry said in a statement. The total estimated revenue that accrued to the states over the lease period stands at Rs 85,253 crore.

Out of this cumulative royalty, the District Mineral Fund (DMF) and the National Mineral Exploration Trust (NMET) contribution works out to Rs 17,752 crore. The Chhattisgarh government auctioned the limestone block with reserves of 215 million tonnes (mt) today, the statement said, adding that Dalmia (Bharat) Cement is the preferred bidder.

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“With a reserve price of 5 per cent, the block received the highest bid of 96.15 per cent, which translates into estimated cumulative revenue of Rs 11,894 crore to the state government over the lease period,” it said.

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