Date | 23 Nov, 2015: India will start auctioning of minerals by year end with approximately 70 leases planned for the first phase. The states are now finalizing the modalities for the process.

Mineral Exploration Corporation Limited (MECL) has prepared nearly 58 geological reports of detailed exploration, which will be offered to state governments to help them expedite the auction process, said Vishnu Deo Sai, Minister of State for Steel & Mines.

“We must start looking overseas for mining assets acquisition to gain global competitive advantage. There should be more of exchange visits and participation in international mining events to increase the exchange of information, best practices and technology transfer while promoting the skill development and joint ventures”, Vishnu Deo Sai said.

Sai added that this would go a long way in fulfilling the demand for various metals and minerals which will grow by 4-5 times over the medium term perspective in the country; with a targeted contribution of 5-6% of mining industry to the Indian GDP in next decade.
Source: Commodity Online

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