The government of the western Indian state of Goa will likely to throw a lifeline to mining lease holders to buy illegally mined iron ore lying within their respective lease hold areas, a government official said on Monday, March 28.
The official said that about 8 million mt of illegally mined iron ore confiscated by the government is still lying idle across mining lease hold areas.
Lease holders will be permitted to put in bids at e-auctions to buy their own illegally mined iron ore. If mining lease holders are willing to buy their own illegally mined low grade stocks, the government will be willing to lower the reserve price at the e-auctions to INR 350/mt ($5/mt) from INR 500/mt ($7/mt) and the government will also waive all royalty payable when the iron ore thus purchased is exported, the official said.