58 Mines Auction by States to Begin in Oct’15

Under MMDR Act 2015, Indian government has planned to start the auction of 58 mineral mines in Oct’15.

Indian government in order to revive the mining sector, has planned to start the auction of 58 mineral mines from Oct’15-Nov’15. A new mineral exploration policy, which emphasis on increasing investment in exploration by Indian as well as foreign companies, is also being planned by the government.

Steel and Mines Minister, Narendra Singh Tomar mentioned on a CII event, “Mineral Exploration Corporation Limited has handed over reports of 58 blocks to be auctioned by the states.”

Mines Secretary, Balvinder Kumar stated, “The 1^st phase of mines auction in 12 states would be followed by 2^nd phase in another 1-year.”

Overall 199 mines have been identified to be auctioned in two phases. The 1^st phase will start this year and the 2^nd, within a year of completing the 1^st round.

Iron ore, bauxite, dolomite and limestone mines located in mineral-rich states such as Rajasthan, Jharkhand, Madhya Pradesh, Chhattisgarh, Karnataka and Odisha are put under auction. The auction of mines has been facilitated by the MMDR Bill, 2015.

Mr. Tomar also confirmed that the private sector would be brought in as an equal partner in the process once the guidelines and framework will finalized.