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Schree Cement wins limestone mining lease

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World Cement,

According to various sources, Shree Cement has won the first ever non-coal mining lease allocated through the auction route, by offering to pay the Chhattisgarh government around Rs284 for every tonne of limestone production from the Karhi Chandi mine that has an estimated reserve of 255 million t spread over 242 hectares.

In addition to this sum, it would have to pay royalty, contribute to the district mineral foundation and national mineral exploration trust once the company starts mining.

The bidding lasted more than five hours. A total of 192 bids were submitted. At least five cement firms were in the mix in the final round of bidding according to sources.

The positive outcome of the auction of these large representative blocks will help the union mines ministry relieve pressure, following a poor show of the initiative to allocate mines only through a transparent auction process for 12 mines in Gujarat, Rajasthan and Maharashtra.

Edited from sources by Joseph Green. Sources: India Infoline, Financial Express, Business Standard

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