Georgia auctioning biggest coal deposit

Georgia auctioning biggest coal deposit

Georgia’s Environmental Protection and Natural Resources Ministry called an auction for the rights to the country’s biggest hard coal deposit, Tkibuli-Shaori.

The auction will offer a 30-year license at a starting price of 100,000 lari ($55,000), a source in the ministry’s tender commission told Interfax. Applications to participate in the auction are being accepted from June 22 to July 6, and the auction itself will be held on
July 21.

Bidders will have to pay a license fee and a deposit equivalent to 20% of the starting price. The winner will have to pay the final price decided at the auction within ten days of finalizing the contract.

The winner will have to mine at least 200,000 tonnes of coal in the first year of operations, and at least 350,000 tonnes annually in subsequent years.

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