Record revenue from barytes auction
Informing that the prices will be in force for three years, he said the corporation may increase the rates after reviewing the prices in the international market.
VIJAYAWADA: The AP Mineral Development Corporation (APMDC), the largest producer of barytes, garnered record revenue from the recent auction of barytes.Compared to the previous year, the state government generated Rs 260 crore additional income this year.Speaking to TNIE, APMDC Vice Chairman and Managing Director VG Venkata Reddy said the corporation held auctions for A, B, C and D grades of barytes and got record revenue.
In all, 10 lakh metric tonnes of A Grade barytes was kept for the auction and each tonne was sold at Rs 6,691 as against Rs 4,625 in the past (Rs 2,066 more), B grade barytes got a price of Rs 5,225 per tonne, which is Rs 1,875 more than the previous year.
Three MT of B grade barytes were also auctioned. Similarly, 20 lakh metric tonnes of C and D grade barytes also got more price.Informing that the prices will be in force for three years, he said the corporation may increase the rates after reviewing the prices in the international market.
The hike in crude oil prices also added to the increase in barytes’s price. Stating that they succeeded in excavating 2.7 million tonnes of barytes from Mangampet mines, he said the corporation is in talks with buyers for selling 74 lakh MT of C and D grade mine in Mangampet project.