Fast tracking auction for mines like iron ore and limestone, five states including Andhra Pradesh have issued notice for inviting tenders for mines in 28 blocks for major minerals.
Fast tracking auction for mines like iron ore and limestone, five states including Andhra Pradesh have issued notice for inviting tenders for mines in 28 blocks for major minerals.
“After amendment in the MMDR Act for transparent allotment of mines, the auction process is going forward. Five states have issued notices inviting tenders for 28 blocks. The government is hopeful of auction of 70 mines by states by January in the first phase,” steel and mines minister Narendra Singh Tomar said on the sidelines of a CII event.
He said that the Modi government is committed towards bringing in an attractive exploration policy to encourage private investment and expertise into the sector and has set up National Mineral Exploration trust (NMET).
The minister stressed on the need for raising the exploration spend from the current 0.4 per cent, which is abysmally low. He said that the government is moving with a new sprit towards exploration along with the Geological Survey of India (GSI), the Mining Exploration Corporation of India (MECI).
