Date | Nov 07, 2017:
There is a notable turnaround in the mining sector with the mineral auction scenario set to reach a 10 per cent growth and fetch at least INR 1 lakh crore by the end of the current fiscal year, said Mr Arun Kumar, Secretary, Ministry of Mines.
Mr Arun Kumar said that realism is setting in the sector and there is a need to speed up exploration. The new National Mineral Exploration Policy (NMEP) may add further to growth rate, he added. States are also willing to invest, he noted.
Mr Kumar announced that Government is working on an appropriate framework of Mineral asset auction process and giving impetus to the private sector in mineral exploration.
With the creation of National Mineral Exploration Trust (MET) and the National Aero Geo-physical Mapping, Government is mapping 8.2 lakh sq mt geographical potential area, for which the tenders and Expressions of Interest are already published in phases, he further added.
Mr N K Singh, Joint Secretary, Ministry of Mines said, "There is enough material available and therefore there is no rationale for price controls. As far as major minerals are concerned, India is a net exporting country and shall continue in this regard. Practicing transparency should be the key," he added.
Mr Sunil Duggal, Co-Chairman, CII National Committee on Mining and CEO Hindustan Zinc Ltd reiterated industry expectations to promote exploration and optimize natural resources. He stressed forging the right balance between infrastructure and technology. With the Government revisiting the National Mineral Policy and promoting off-shore exploration, India can look beyond the slow growth rate in mining to more empowerment by 2030, he added.
Mr S K Chowdhary, Vice Chairman- South East Asia Centre, World Mining Congress & Former Chairman, Coal India Ltd highlighted the need for strengthening the drilling mechanism of an entity engaged in exploration so that the pace of discovery of minerals is expedited and time-bound.
(Source: http://www.business-standard.com/)