Minews - India’s Goa to auction 500,000 tonnes of iron ore online

(Minews) - Eleven companies will compete for half a million tonnes of iron ore in the first phase of an e-auction to be held in the Indian state of Goa, on Monday morning.

A total of 15 million tonnes has been lying at various jetties since September 2012, when the Supreme Court banned exports and fresh extraction of the steel-making commodity over corruption scandals.

After the e-auctioning, the successful bidder will have to lift the ore within 30 days, Times of India reports.

Mines department officials said the base price of the ore is determined based on the closing index of February 13, 2014 after discounting the moisture content in the ore.