Displaying items by tag: auction

India: Ambuja Cements, a subsidiary of Adani Group, has been declared as the 'preferred bidder' for the Uskalvagu limestone block in Odisha. An e-auction was conducted by the state government for the block, situated in Malkangiri district. Adani Group has not disclosed the amount that it bid for the block, but said it covers 547 hectares with estimated limestone resources of about 141Mt.

The company must now obtain the statutory licences and permits related to mining operations to be declared a ‘successful bidder’ and subsequently enter into a ‘Mine Development and Production Agreement (MDPA)’ with Government of Odisha.

India: Mangalam Cement has secured a lease from the Rajasthan state government for the 204Mt Ninama Dunia limestone mine in Rajasthan's Kota District. Mangalam Cement won the auction with a highest final price offer of 85%, corresponding to a tax revenue of US$1.17m/yr for the state. Throughout the operational life of the mine up to 2073, the Rajasthan state government expects to collect revenues of US$1.22bn.

The Hindustan Times newspaper has reported that the Rajasthan government expects to auction four limestone mines in Banswara District later in 2023.

Rajasthan generates 20% of India's cement-grade limestone.

India: Sagar Cements has won the auction to acquire Andhra Cements from Jaiprakash Associates (Jaypee Group), a company currently undergoing an insolvency process. The committee of creditors of Andhra Cements voted to approve the sale, although the amount of the bid has not been disclosed, according to the Press Trust of India. Dalmia Cement (Bharat) was also reportedly made a bid for the cement producer.

Andhra Cements operates an integrated plant at Durga and a grinding plant at Visakhapatnam in Andhra Pradesh. It was previously acquired by Jaypee Group in 2012 from Duncan Goenka Group.

Saudi Arabia: Yanbu Cement was among successful bidders in Saudi Arabia's largest carbon credit auction to date earlier in November 2022. The Saudi Public Investment Fund (PIF)’s Voluntary Carbon Market Initiative Auction sold 1.4Mt-worth of carbon credits to 15 different entities, of which Yanbu Cement was the only cement sector representative. The PIF said that the sale will support the country's Saudi Vision 2030 development goal, while also advancing its progress towards net zero CO₂ emissions by 2060.

India: Birla Corporation won bidding for Madhya Pradesh's Marki Barka coal mines on 15 October 2022. The producer said that the asset will provide fuel security and cost optimisation for its cement operations.

India: Punjab National Bank (PNB) has invited asset reconstruction companies' bids for US$6.31m-worth of outstanding loans owed by Burnpur Cement. Press Trust of India News has reported that account has a reserve price of US$2.52m.

Russia: Holcim said that it has received interest from over 30 possible buyers for its Russian business. The group announced that it would sell the assets, including three cement plants, in March 2022, after the Russian invasion of Ukraine on 24 February 2022.

Chief executive officer (CEO) Jan Jenisch said that the sale would need to be handled ‘with very great diligence.’ He continued "We don't expect to write it off completely. I would hope this business has a value." Jenisch asked investors and commentators to ‘give us a couple of months’ to ‘get more clarity.’

China: Xinjiang Tianshan Cement, a subsidiary of Chizhou CNBM New Materials, has acquired mining rights for the Hengshan mining area and peripheral mines in Chizhou City’s Guichi District in Anhui province for US$376m. Reuters has reported that the company plans to make a total investment of US$1.38bn in establishing its mining operations there. The mines have limestone reserves of 513Mt and will be operational until 2043.

India: UltraTech Cement says it has been declared as the preferred bidder for a limestone block in an electronic auction conducted by the Karnataka government. The block is situated in Tehsil Chittapur of Kalburgi district in Karnataka next to the company’s integrated Rajashree plant. It has a total cement grade geological resource of 530Mt of limestone over an area of 7.86km².

India: ACC has announced its successful purchase at auction of the Kannur limestone block mineral reserve in Wadi, Kalaburagi District, from the Karnataka government. The producer plans to use the block to supply limestone for its Wadi cement plant.