Industry News by Nemesis

India's Hatupur diamond mineral block successfully auctioned

October 11, 2016

The Hatupur Diamond mineral block in the State of Madhya Pradesh in India was successfully auctioned on October 5, 2016. This is the first time a diamond mineral block, in Madhya Pradesh's Panna district having precious stone deposit worth nearly $ 16 mn, has gone under the hammer, according to media reports. 


According to Secretary, Mineral Resources, Manohar Dube, "Diamond mineral worth $ 16 mn is available in the Hatupur block. 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 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.” 


According to an official, 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. An additional revenue of around $ 4 mn 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 $1.65 mn.

 

The government is committed to making Madhya Pradesh a top mining destination in the country and is taking several steps to boost mining in the state. 

 

Source: Rough&Polished

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