Foreign cos may enter mine exploration

Foreign cos may enter mine exploration

The new National Mineral Exploration Policy in the offing, would allow private companies, including foreign companies, to participate in exploration work as the government prepares to auction more and more blocks to augment mineral production in a new mining regime.
Under the amended Mines and Minerals (Development & Regulation) Act-2016, mineral blocks are offered on the auction route as opposed to the previous practice of discretionary allotments. ´Those parties with prior experience in exploration will be allowed to participate. Major exploration companies, junior exploration companies and Indian mining companies would be allowed to take part in exploration. Foreign companies would also be allowed to participate in exploration of blocks to be put for auctions,´ Union Mines Secretary Balvinder Kumar said on the sidelines of the 16th annual Geominetech symposium on ´New Equipment and Safety in Mines´. He said that the government aims to auction 45-50 mineral blocks in this fiscal in states like Rajasthan, Gujarat, Jharkhand, Odisha and MP.
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