India’s Ministry of Mines plans to auction around five mineral blocks in Madhya Pradesh (MP) in the next three months, according to local media. Among these mines, two are bauxite mines and one contains iron ore.
The MP government had auctioned around 11 blocks, however, bids were received for only five blocks. Rest blocks were said to be commercially unviable by the report.
The government expects to earn Rs284.16bn ($3,790.77mn) in the fifty years of lease period.
Earlier this year, the central government has asked each state to identify five new mining projects for auction. The state governments will establish a project monitoring unit (PMU) to carry out necessary work for getting all the approvals.