Vedanta Ltd on Friday said it has been declared as a preferred bidder for the Bicholim mineral block in Goa. The iron ore mines has resources of 84.92 million tonnes (mt).

“The company has been declared as ‘preferred bidder’ in respect of e-auction of Block I - Bicholim Mineral Block based on highest final price offer of 63.55 per cent submitted by the company,” Vedanta said in a filing to BSE.

Goa had earlier invited tenders to participate in an electronic auction for the grant of mining lease in respect of iron ore mines in the state.

The grant of mining lease by the government in respect of aforesaid mine will be subject to making of necessary payments, completion of other terms and conditions of the tender document, obtaining of necessary approvals from various government departments and execution of necessary agreements in the matter.

The state has completed the first phase of auction of mining blocks with four companies winning bids for the extraction of ore from different mineral rich stretches of the coastal state.

The industry, which used to be one of the major revenue earners for the state, had come to a standstill in 2018 after the Supreme Court quashed 88 mining leases.

Besides Vedanta, Salgaocar Shipping Company Pvt Ltd won the bid for Shirigao-Mayem mineral block in North Goa. The mine has more than 24mt of ore reserve.

Goa’s Rajaram Bandekar Pvt Ltd successfully bid for Monte-de-Sirigao mining block (North Goa) that has 10mt of ore available for extraction, the official said.

The fourth block comprising Kalay Mines (South Goa) was won by Sociedade DeFomento Industries Private Limited.

The mine has got 16.731mt of iron ore in the unexplored lease area of 75 hectares, he said.

The directorate of mines and geology, through the Metal Scrap Trading Corporation, had on September 30,2022 invited tenders to e-auction the four.