CURRENT AFFAIRS

Detailed explanation-1: -Prime Minister Shri Narendra Modi launched the auction process of 41 coal blocks for commercial mining through video conference from here today.

Detailed explanation-2: -The Central Government promulgated the Coal Mines (Special Provision) Act, 2015 to enable the Government to re-allocate the 204 coal blocks which were cancelled by the Hon’ble Supreme Court of India. The Act permitted auction of coal mines for commercial mining by private entity.

Detailed explanation-3: -Ministry of Coal has launched the biggest ever commercial coal mining auction offering 141 coal and lignite mines on November 03, 2022. 133 coal/lignite mines were put up for auction in the 6th round of commercial auctions.

Detailed explanation-4: -The mines on offer are geographically spread over the coal bearing States. To cater to the demand of the coking coal consumers, 6 coking coal mines have also been put on offer. The auction is conducted on MSTC Web portal as given below.

Detailed explanation-5: -SBI Capital Markets Limited, the sole Transaction Advisor to Ministry of Coal for the commercial coal mine auctions, had devised the methodology and is assisting the Ministry of Coal in conducting the auction process.