Prakash Industries has emerged as the highest bidder for Bhaskarpara coal mine in Chhattisgarh with a bid of around Rs1,100/mt ($14/mt) in an auction conducted by India’s Coal Ministry of an eighth tranche of coal blocks.
The Bhaskarpara coal mine has 24.06mn mt of extractable reserves. The Bhaskarpara coal block was previously allocated to Bhaskarpara Coal; a joint venture of Electrotherm India and Ultratech Cement.
India’s central government in December approved the allocation of five coal blocks to winners of an auction held in November. Five coal mines will be distributed to four different companies; two to Birla Corp and one each to Vedanta, Tamil Nadu-based Prakash Industries and Powerplus Traders.
On Nov 6, Birla bagged the Brahmapuri mine with extractable reserves of 12.34mn mt at a bid of Rs156/mt in Madhya Pradesh and the Bikram coal block in Madhya Pradesh with a bid of Rs154/mt.
The Jagannathpur B coal mine was awarded to Powerplus Traders on Nov 7 at a bid price of Rs185/mt for the coal mined. The coal mine has extractable reserves of 50mn mt.
In November, Vedanta bagged the Jamkhani coal mine in Odisha with a bid of Rs1,674/mt. The mine has extractable reserves of 114.98mn mt.