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Odisha Mining Corporation to e-auction bauxite next month

Odisha Mining Corporation (OMC), a state run mining entity, is all set to conduct the first ever national e-auction for bauxite in April. The deadline for registration to participate at the national auctions for bauxite is March 23.

At the national e-auction, OMC will directly deal with the end-user industries. Participation by traders will be considered only if there is persistent lack of adequate response from end-user industries.

The State Cabinet has recently approved the amendment of the long-term linkage policy to facilitate bauxite linkage. Chief Secretary Aditya Prasad Padhi said 70 per cent of the saleable stock of bauxite will be made available for long-term linkage and the balance 30 per cent sold through national e-auction

Business Standard reported that OMC has started mining activity at Kodingamali lease. OMC will offer bauxite extracted from this mine at this auction.. The Kodingamali lease has 81 million tonnes of bauxite reserves.

"We are well endowed with bauxite reserves and I am aware that some industries are starved of materials. But with a more transparent auction process in place and the issue of price fixation likely to be resolved in the next month or so, about 10 bauxite blocks will come up for auction in March and April this year,” Mines Secretary Arun Kumar said earlier this month.

Source:China Aluminium Network

News Date 1970/01/01 08:00:00 reported