Shree Cement emerged as the highest bidder for Karhi Chandi limestone block at 58.95% of the IBM price. Shree Cement Ltd. won the first-ever non-coal mining lease allocated through the auction route, reports a financial newspaper.
The company offered to pay the Chhattisgarh government ~INR 284 for every tonne of limestone production from the Karhi Chandi mine that has an estimated reserve of 255 million tonne (MT) spread over 242 hectares. Shree Cement emerged as the highest bidder for Karhi Chandi limestone block at 58.95% of the IBM price.
?It was the first non-coal mining lease auction in the country and saw aggressive bidding from cement manufacturers,?Chhatiisgarh Mines Secretary Subodh Kumar Singh told the paper.