On November 6, a source from the Hanoi Department of Natural Resources and Environment said that the Land Fund Development Center under the department had organized an auction for the exploitation rights of three sand mines in the city. Notably, the auction lasted from 9am on November 5 through the night until around 6am on November 6. The total amount paid by organizations and individuals in the auctions was nearly VND1,700 billion.
Sand mining on the Red River through Hanoi
Specifically, the Lien Mac sand mine located in Thuong Cat and Lien Mac wards (Bac Tu Liem District) has a reserve of sand licensed for exploitation of nearly 510,000 m3 , the starting price is over 2 billion VND, the auction price is 103 million VND. After 53 rounds of auction, the winning price reached nearly 410 billion VND, nearly 200 times higher than the starting price.
Chau Son sand mine in Chau Son commune (Ba Vi district) has a reserve of sand with mining rights of more than 700,000 m3 , starting price of nearly 2.9 billion VND, the auction step is 144 million VND. After 89 rounds of auction, the winning unit with the result of nearly 400 billion VND, more than 137 times higher than the starting price.
3 sand mines on the Red River have surprisingly high auction results
Most notably, also in Ba Vi district, the Tay Dang - Minh Chau sand mine in Minh Chau, Chu Minh communes and Tay Dang town has a reserve of nearly 5 million m3 , with a starting price of over 19.2 billion VND, and the auction price is 965 million VND. After 21 rounds, by the early morning of November 6, the winning bidder was determined with a result of nearly 884 billion VND, nearly 46 times higher than the starting price.
The total amount of money that organizations and individuals paid in the auction of the three sand mines mentioned above was nearly 1,700 billion VND.
The representative of the Department of Natural Resources and Environment assessed that this was an unexpectedly high price. In the next 10 days, the organizations and individuals who were determined to win the auction of the 3 sand mines will have to fulfill their financial obligations. In case of failure to fulfill their financial obligations, the auction results will be canceled, the deposit will be lost (the total deposit for the auction of the 3 mines is 3 billion VND) and they will be banned from participating in auctions for 1 year.
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