Minerals worth at least Rs50,000 crore can be auctioned from 13-15 blocks in the remaining four months of the current fiscal with the upcoming proposed amendments in the auctioning rules, a top official of the ministry of mines said.
The environment ministry has suggested to the mines ministry that the latter should place the limits on production of minerals such as limestone “as there is encroachment into agricultural land for mining”.
Even though the state governments have been able to auction just 29 non-coal mines in the last 20 months, the Central government is now expecting them to auction 54 mines in the current financial year.
Nalco’s stocks fell 7 percent in intraday trading on Thursday after the company reported a sharp decline in its quarterly profits, triggering share sell-off.
Union Minister of State for Power, Coal, New & Renewable Energy and Mines Piyush Goyal on Tuesday suggested introduction of a PPP model for giving a fillip to mineral exploration in the country.
The index of mineral production of mining and quarrying sector for the month of March (new Series 2011-12=100) 2017 at 127.2, was 9.7% higher as compared to the level in the month of March 2016.
Despite the Ministry of Mines insisting on the imposition of minimum import price (MIP) on aluminium products, the Ministry of Commerce and Industry is unlikely to do so.
An MoU has been signed between Nalco and The Energy and Resources Institute (TERI), New Delhi, for various scientific, technological and educational activities in the area of mining rehabilitation.
The government today said there is a need for attracting investments and private exploration agencies in regional exploration.