Cement, Energy and Environment

18 THE GAZETTE OF lNDIA: EXTRAORDINARY (PART H-SEC. 3(i)J Illustration: In the event there are a total of ten technically qualified bidders, and each technically qualified bidder submits different initial price offer. then the technically qualifted bidders holding the first fifty per c.enl of ranks shall be considered to be qualified bidders. If three such technically qualitled bidders submit the same initial price offer and are ranked in first fifty per cent. of the total number of ranks, then, all the three technically qualified bidders shall be considered to be qualified bidders and lte total number of qualified bidders shall stand increased by two. (b) Second Round of Auction to be held in the following manner, namely:- (i) the qualified bidders may submit their final price offer which shan be a percentage of value of mineral despatched and greater than the floor price: Provided that the final price offer may be revised till the conclusion of the auction as per the technical specifications of the auction platform; (ii) The auction process shall be annulled if none of the qualified bidders submits a final price offer on the online electronic auction platform; (iii) the qualified bidder who submits the highest final price offer shall be declared as the "preferred bidder" immediately on conclusion of the auction. 10. Crant or l\·tlninl! Lease.- (1) The preferred bidder shall submit the first instalment being ten per cent. of the upfront payment as per rule II. 11. (2) Upon receipt of the first instalment of the upfront payment, the State Government shall issue a letter of intent to the preferred bidder. (3) The preferred bidder shall be considered to be the ·'successful bidder'' upon,- (a) continuing to be in compliance with all the terms and conditions ofeligibility: (b) payment of the second instalment being ten per cenl of the upfront payment; (c) furnishing perfomlailce security as specified in rule 12; (d) satisfying the conditions specified in clause (b) of sub-section (2) of section 5 with respect to a mining pia~ and (e) satisfying such other conditions as may be specified by the State Government with the prior approval of the Central Government. (4) The successful bidder shall sign the Mine Development and Production Agreemem with the State Government upon obtaining all consents, approvals, permits, no-objections and the like as may be required under applicable laws for commencement of mini ng operations. (5) The successful bidder shall pay the third instalment being eighty per cent. of the upfront payment subsequent to execution of the Mine Development and Production Agreement, and upon such payment ltte State Government shall grant a mining lease to the successful bidder. (6) The Mining Lease Deed shall be executed by the State Government within thirty days of too date of completion of the conditions specified in sub-rule (S) and shall be subject to the provisions of the Act and the rules made thereunder. (1) The mining lease shall oe for minerals found in the area pursuant to exploration prior to the auction: Provided that where, subsequent to the auction, any new mi neral is discovered, then the holder of mining lease shall follow the provisions of the Mineral Concession Rules, 1960 for inclusion of such new mineral in the Mining Lease Deed. (8) Where, prior to the auction or subsequent to the auction, presence of minor mineral is established or discovered, such minor minerals shall be dealt in accordance with such rules made by the State Government under section IS. (9) The date on which a duly executed Mining Lease Deed is registered shall be the date of commencement of the mining lease. lipfront payment for mining lt'ase.- (I ) An amount equal to 0.50% of the value of estimated resources shall be the upfront payment. (2) The upfront payment shall be payable to the State Government in three instalments of ten per cent.; ten per cent.; and eighty per cent. as specified in the tender document and shall be adjusted in full against the amount paid under sub-rule (3) of rule 8 within the first five years of commencement of production of mineral as specified in the tender document 23