BackIndia consortium hopes to win Afghan block this year
Bidding for copper block ‘not aggressive’, consortium offering Afghan govt royalty of 1%
Premium(The file photo of a site for iron ore mines in Afghanistan where a consortium of Indian companies has won three blocks.)
New Delhi: The Indian consortium of companies that has bid for a copper deposit in Afghanistan hopes to win it this fiscal year, the top executive of one of the companies said on Wednesday.
“The feedback is that the (Afghanistan) government is seriously considering our offer," K.D. Diwan, chairman of Hindustan Copper Ltd said. “It may take one month or two months, nothing can be said now."
Diwan said the risk factor about investing in Afghanistan made the company’s board cut the plan for bidding for four copper blocks, some of which included gold deposits.
Diwan said the consortium’s bidding was “not aggressive" and that it had offered the Afghanistan government a royalty of 1%.
Mint reported on October 5 that some overseas bidders had offered 4% royalty against the 1% offered by the Indian consortium.
The other members of the consortium includes Steel Authority of India Ltd, National Aluminium Co. Ltd, Mineral Exploration Corp. Ltd and private firms Monet Ispat Ltd and Jindal Steel and Power Ltd.
Diwan said the consortium has estimated a spend of ₹ 250 crore for exploration in the block named Shaida.
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