India’s Goa set for fifth iron ore e-auction on September 2

The Indian state of Goa is planning to hold a fifth electronic auction of iron ore on September 2.

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Goa’s Directorate of Mines & Geology (DMG) proposes an e-auction of 2.181 million tonnes of iron ore lumps, fines and run-of-mine output, with grades of 42.71-62.60% Fe, it said on its website late last week.

A fourth e-auction was split over three days, August 19-21.

The final volume to be sold in the latest e-auction has yet to be disclosed, an industry source in Goa told Steel First on Tuesday August 26.

The DMG could not be reached for comment by the time of publication.

E-auctions in Goa started in February, with the intention of selling a total of 15 million tonnes of iron ore that has been lying idle since a mining ban was imposed in the south-western state in September 2012.

The ban was lifted in April this year, but miners in Goa must reapply for mining leases and environmental clearances before resuming production.

In related industry news, India’s ministry of mines announced last week that it will increase the royalty on iron ore sales by 5% to 15% ad valorem on an ex-mines basis.

The revised royalty rate was expected to be imposed soon, the source said.

Import duties on the steelmaking raw material were unchanged at 2.5%, and export duties on iron ore and pellets were also unchanged at 30% and 5%, respectively, based on the Indian budget published in July.

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