It is reported that 11 companies will vie for half a million tonnes of iron ore lying at various jetties since September 2012 in the first phase of the e-auction to be held in the state of Goa on February 17th 2014

The E auctioning exercise is being held by the State Directorate of Mines and Geology as per the Supreme Court directives and under strict supervision of the apex court's monitoring committee.

The report quoted an official as saying that "The department has already stocked the samples of the ore to avoid future complications about the quality of the ore.”

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. Similarly, the pricing of the ore will be different as per its location, for instance, the ore on jetty will fetch lower price compared to the one in the port.

After the E auctioning, the successful bidder will have to lift the ore within 30 days.

While total 15 million tonnes of ore is lying at jetties, mining leases and yards, only half a million would be auctioned in the first phase.