The Hindu Business Line : 100% FDI in titanium mining allowed

New Delhi, Jan. 30 The Government has permitted 100 per cent foreign direct investment (FDI) in mining and mineral separation of titanium bearing minerals and ores.

The Cabinet on Wednesday has also accepted the hike in the limit for the value addition and integrated activities for titanium mining subject to sectoral regulations, including the Mines and Minerals (Development and Regulations) Act, 1957.Until now, up to 74 per cent FDI was permitted in pure value addition and integrated activities. This was permitted provided the level of value addition was maximum as per the prevailing international levels of value addition to the mining products.

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Also FDI was permitted with the condition that companies should bring in a Central or State public sector undertaking which should hold the other 26 per cent.

“The companies will be allowed the 100 per cent FDI for mineral separation only if the value addition facilities are set up within the country, along with the transfer of technology,” an official statement said.

It said that companies hadto follow the disposal of tailing during the mineral separation in accordance with the regulations framed by the Atomic Energy Regulatory Board.

The present policy is governed by the Beach Sand Minerals Policy of the Department of Atomic Energy since limonite, the titanium bearing mineral, was included as an atomic mineral.

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