Economy

Expedite auction of mines with explored reserves, says FICCI

PTI New Delhi | Updated on April 29, 2019 Published on April 29, 2019

Representative image   -  K_BHAGYA PRAKASH

Industry body FICCI has called for expediting auctions of mineral blocks with known or explored reserves, highlighting that the average of such sales has nosedived to around 15 mines per year after the amendment in the Mines and Minerals Development and Regulation Act.

The chamber, in a presentation to NITI Aayog, said “around 300-400 minerals concessions per year used to be allotted prior to 2015 which has reduced on an average to around 15 per year post-amendment in the Act (MMDR Act in 2015)”. It recommended that auctions should “be expedited for areas with known/explored mineral reserves.”

According to sources, officials from Rio Tinto, Tata Steel, Vedanta and apex mineral body Federation of Indian Mineral Industries (FIMI) among others who were part of the presentation.

However, for areas with no or minimal known/explored mineral reserves, it said the first-cum first-served system must be adopted with the provision of first right of refusal for granting mining lease.

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Published on April 29, 2019
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