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Mineral (Auction) Amendment Rules, 2024
February 3 , 2024
300 days
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- The centre has notified changes to the Mineral auction rules recently.
- It caps the upfront payment at Rs 500 crore while also baring affiliates from bidding for the same block.
- A bidder shall submit only one bid in an auction of a mineral block.
- No affiliate of a bidder shall submit another one in the same auction.
- An affiliate has been defined as a person (or company) controlled by another bidder in the auction.
- These rules also make way for granting the exploration licenses (EL) by state government.
- EL can also be bid out by the state and centre.
- Performance security for an exploration license has been fixed at Rs 2 crore for area more than 500 square kilometres (sq km) but less than or equal to 1000 sq km.
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