Vedanta Emerges As ‘Preferred Bidder’ For Iron Ore Mine In Goa

Vedanta has been declared the “preferred bidder” for an iron ore mine in Goa. The government of Goa recently initiated an electronic auction to grant mining leases for iron ore mines within the state, inviting interested parties to participate.

In a regulatory statement, Vedanta confirmed that it had submitted a bid for the mining lease and emerged as the preferred bidder.

The Directorate of Mines & Geology, under the Government of Goa, issued a notice on 9 June 2023, officially declaring Vedanta as the preferred bidder for the Cudnem mineral block, also known as block VII. Vedanta secured the preferred bidder status based on its highest final price offer of 93.15 per cent, outperforming other contenders in the auction.

However, the grant of the mining lease by the Goa government is contingent upon fulfilling certain requirements. Vedanta is obligated to make the necessary payments and comply with the remaining terms and conditions stipulated in the tender document.