Goa govt nets Rs 94 cr from e-auctioning of iron

Goa government today netted Rs 93.81 crore from the first-ever e-auctioning of iron ore in thestate that saw ten bidders participating in it. Chief Minister Manohar Parrikar said the e-auctioning exercise was "very successful" with almost entire stock of half a million tonne of ore sold out.

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"Total bids worth Rs 93.81 crore were received, which is almost 38 per cent more from the set bid price of Rs 68.14 crore," he said. The auctioning was held as per directives of the Supreme Court which monitored the entire bidding process. The iron ore stocks kept at yards, jetties and lying with mining lease operators were put up for auctioning. Iron ore mining is currently banned in the state.

The e-auctioning process was conducted through Metal Scrap Trade Corporation, a central PSU.After the initial success, a total of 15 million tonnes of ore identified by the state government would be e-auctioned. The Chief Minister said that of the total amount collected today, Rs 15 crore would go to the state exchequer. The state will get another Rs 3 crore as royalty if the auctioned ore is exported.

Parrikar said e-auction would strengthen the financial position of the state where the budget will be presented on March 6. "Though there was no crisis, this additional revenue will help improve the state's financial condition."