Its worth a good laugh ............ Prism Cement who ripped off...

Its worth a good laugh ............ Prism Cement who ripped off India Resources get their just deserts.
Prism cement lost their coal block (Sial Ghoghri ) when the Supreme Court cancelled all allocated coal blocks and  it has been auctioned off today to a new owner.
"Reliance Cement beat Hindustan Zinc Ltd (HZL) and OCL Iron & Steel to bag the Sial Ghoghri coal mine in Chhindwara district of Madhya Pradesh, a top official said."

"NEW DELHI: The maiden auction of coal mines got under way on Saturday, with Anil Ambani-led Reliance Cement bagging the first mine through e-bidding for Rs 798 crore.  The mine has total reserves of 29.38 million tonnes and a extractable reserves of 5.69 million tonnes."

hiphop, the Indian Gov't will be auctioning off mines or mineral blocks with known resources, coal blocks to start with and then possibly iron ore.
I'd doubt whether anyone would bid for a Prospecting Licence or Reconnaissance Permit where the minerals, grades or depths are completely unknown.  
There has already been a lot of discussion against auctioning unproven resources.
"Auctioning of unproven resources has failed before in India and wherever it has been tried elsewhere in the world. About 20 years ago a proposed auction of land in Madhya Pradesh advertised as prospective for diamond‐bearing rock failed to attract any bids. Auctioning would threaten to exclude small companies that specialize in the science and techniques of mineral prospecting. "

India is in desperate need of more exploration for mineral resources. India's record of successful exploration has been woeful.
In February 1994, the Ministry of Mines, Government of India adopted the policy of liberalization in the mining sector throwing open high value metals such as gold, platinum, nickel, copper, lead-zinc and diamond for exploration and mining by the private sector. Sixteen years have passed since then, yet there are no new gold mines, no platinum mine, nickel, copper, lead, zinc mines and no new diamond mines in the country.   Within the same span of 16 years China has been able to achieve tremendous progress in exploration and mining of gold from a few tonnes of gold in 1993 to 350 tonnes in year 2009.  Not a single gold mine has come up during this period in India.   

Now that the Aravalli project has been administratively approved and the Hindoli Reconnaissance Permit  application is proceeding towards approval, then it does set the stage for more approvals to flow through. I'm sure that IRL management are doing all they can to get the required paperwork completed to move these projects to the next level.