Saturday, June 25,
Under the proposed new Mining Policy , mining licenses can be sold to another party for extraction, said Joint Secretary (Minerals and Regulation) of the Government of India, G Srinivas.
Current rules do not allow the licensee to transfer or sell their licenses to others for extraction of minerals.
Srinivas said that the move is aimed at expanding the scope of discovering minerals and mines that are still lying unexplored in the country.
“The Government is keen on expanding the scope of exploration. Under the new regulations, one can get a license to explore an area for locating mines and minerals and on finding their target, they (licensee) can sell the license for extracting the minerals,” Srinivas said.
He further said the new bill on Mines and Minerals Development and Regulation, which is likely to be introduced in the Parliament shortly, is expected to attract more number of players into the sector.
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