"Hatupur Diamond mineral block was successfully auctioned
on October 5, in
Panna district. This is the first diamond mineral block of the country which
went under the hammer," a state official said today.
According to Secretary, Mineral Resources, Manohar Dube
Bansal Construction Works emerged as the preferred bidder by
submitting the highest final price offer after two rounds of competitive
bidding.
Three other companies - Rungta Mines Ltd, Thriveni Earthmovers
Ltd and Pushpanjali Tradevin Pvt Ltd - were also in contention for the block.
The block witnessed aggressive bidding from the companies which
lasted approximately eight hours and a final bid at 22.31 per cent was
received.
The block was carefully chosen based on industry requirements
and its attractiveness in terms of size, land ownership pattern and economics.
The block located is presently under G3 category and is spread
over an area of 133.50 Ha .
It has 0.604 MT of inferred resources with diamond incidence of 10.20 carat/100
tonnes.
Prospecting operations would be carried out first after which
the mining lease would be executed thereupon subject to compliance with
conditions stipulated in the Act and rules, the official said.
An additional revenue of Rs 25 crore is estimated from the block
to the state government over the mining lease period. The royalty and other
statutory payments over the lease period are estimated to be about Rs 11 crore,
he said.
SBI Capital Markets was the transaction adviser for the auction
process and MSTC Limited was auction platform provider.
The government is committed to making Madhya Pradesh
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