The State Government would conduct the auction process of two iron ore mines and a limestone block by the end of May, said Mines Minister Prafulla Mallick on Friday.
The mines are the Netrabanda and Kalamunda iron ore mines and the Garamura limestone block. The limestone block would be re-auctioned as it didn’t find any bidder in the last auction, Mallick said.
The Minister further said that five to six more iron ore mines would be auctioned by the end of the current financial year of 2017-18.
He informed that there is a sharp drop in the mining revenue due to the continuing fall in global demand of iron ore and steel, and the State’s revenue target could not be achieved.
In 2016-17, the State Government was able to collect Rs 4,500 crore of mining revenue against the target of Rs 6,500 crore, informed the Minister. In the previous year, the revenue collection was Rs 5,400 crore, he added.