The cabinet has approved the methodology for the auction of coal mines/blocks under the Coal Mines (Special Provisions) Act, 2015 and the Mines and Minerals (Development and Regulation) Act, 1957, thereby allowing commercial coal mining for the private sector. The move is an effort by the government to bring efficiency and competition in the sector. It will be an ascending forward auction and the bidder will be selected based on the price of coal, which will be paid to the state government on the actual production of coal.
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