The Union Coal Minister Sriprakash Jaiswal has said on September 24 that the government has approved auctioning coal blocks for private steel, cement and power firms. For the first time, the policy will pave way for allotment of coal mines through competitive bidding. The Cabinet Committee on Economic Affairs has approved the policy, he added. Only explored coal mines with known reserves will be auctioned by the government. Government sources said that auction of at least four coal blocks with nearly 2,000 million tonne of estimated reserves are to be taken place before December.