India: Sandur Mines Manganese Ore Auctions Receive Positive Response

State-owned, MSTC-Karnataka, conducted the e-auction for Manganese Ore from Sandur Mines (SMIORE) on 26 Dec' 19. The auction has received an overwhelming response, as the entire quantity of Manganese ore was booked at 27.5% higher value than the total Floor value pt the base price of Manganese ore firm for December Auction.

The total quantity offered for the e-auction from Sandur Manganese and Iron Ore Limited (SMIORE) is 24,696 MT. The Auction was concluded in two phases.

The Manganese (Mn) content of the material offered was in the range of 24-39% and Iron (Fe) content was in the range of 15-29%, according to information on MSTC’s website. Royalty 5%, & GST (5% on Ore auction price; 18% on Royalty, and Bulk permit processing fee) are applicable.

For the first phase, the total Value at Floor Price was INR 67,032,000 and the total Value at Bid Price was at INR 80,438,400 which was 20% higher than the floor value. For the second auction, the total Value at Floor Price was INR 59,976,000 and the total Value at Bid Price was at INR 81,300,240 which was marginally up by 35.55% as compared to the floor value. While, for both the phases, the entire quantity was not booked, however, the booking prices were relatively much higher than the base prices for most of the lots.