Coal India Limited on Tuesday (September 16) said it has been declared the preferred bidder by the Ministry of Mines for the Ontillu-Chandragiri rare earth element (REE) exploration block in Andhra Pradesh. The development follows a notice inviting bids to a tender issued by the ministry on March 30, 2025.
According to the company’s filing, the block spans an area of 209.62 sq. km. and the award entails the grant of an exploration licence under the Mines and Minerals (Development and Regulation) Act, 1957. The exploration licence deed is required to be executed within one year of issuance of the letter of intent by the respective state government.
The contract has been awarded by a domestic entity and does not fall under related party transactions. Further, Coal India clarified that its promoter group does not have any interest in the entity awarding the contract.
Shares of Coal India ended 0.38% in the green on Tuesday, September 16. The stock has gained 2.5% in the year so far.
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First Published: Sept 16, 2025 6:24 PM IS
