India to auction 100 mineral blocks by Nov this year
The Dollar Business Bureau The government will auction 100 potential mineral blocks of 100 sq km area each by November 2016, a decision that will enhance India’s potential of mining. This decision comes after the approval of the new National Mineral Exploration Policy (NMEP) by the government last week, in order to attract more foreign direct investment (FDI) in the sector. “Geological Survey of India (GSI) has identified 100 blocks. SBI CAP is working on the auction modalities for these blocks and will submit its report in 2-3 months,” Narendra Singh Tomar, Union Minister of Steel, Mines, Labour and Employment, told journalists at the 1st conclave on National Minerals & Mining held in Raipur. On the question of time line, the Minister said that the ...
Indias mineral production increases by 1.4%
The Dollar Business Bureau India’s mineral production was to the tune of Rs 22,352 crore in March this year and the sector registered 1.4% growth in the past one year. The index of mineral production in the month of March this year was at 148.5, up 0.9% as compared to the same month in 2014. The cumulative growth for April- March 2014-15 over the corresponding period of the previous year stands at 1.4%, said a government data released on Thursday. The total value of mineral production, excluding atomic and minor minerals, during March this year was Rs 22,352 crore. Of them, the value of coal Rs 9,377 crore was the highest contributor. Coal and five other minerals— petroleum (crude), ...
Mining Amendment Act to simplify procedures, avoid delays
The Dollar Business Bureau The Steel & Mines Minister, Narendra Singh Tomar, on Thursday, said the Mines and Minerals Development and Regulation (MMDR) Amendment Act will simplify the procedures and avoid delays in mining sector. Addressing the media, the Union Minister informed that once the Act is notified in a week’s time, the States will be provided with the draft rules of the Act to go ahead with the simplified mining procedures. The Union Minister further informed that the States will no longer have to wait for the Centre’s approval for a mining process, as the Act (Section 5(2)(b)) allows the State Governments to devise a system for filing of a mining plan avoiding the need for prior approval ...
