India to auction minerals like Iron Ore, Bauxite to cut imports

Mar 5, 2015 15:44

Source:SMM

The Indian government is planning to auction minerals such as iron ore, bauxite and manganese to help arrest a fall in output and cut imports.

INDIA March 05 2015 12:05 PM

MUMBAI (Scrap Register): The Indian government is planning to auction minerals such as iron ore, bauxite and manganese to help arrest a fall in output and cut imports.

The mines and minerals development and regulation or MMDR Bill 2015 has been passed by the Indian government. The changes proposed in the bill are likely to ease bottlenecks in the sector by giving more power to the centre over states.

“An Ordinance was promulgated on January 12, 2015 to amend Mines and Minerals (Development and Regulation) Act, 1957 providing for auction of mineral concessions,” said Vishnu Deo Sai, Minister of State for Mines and Steel, replied to a query in Rajyasabha.

“The changes were being brought in the legal framework to streamline mineral production, including production of iron ore and to introduce transparent procedure for grant of mineral concession through auction,” he added.

“It also aims at removal of discretionary provisions like renewal of mining, increase in tenure of mining leases to 50 years and transition provisions to ensure that mining operations do not come to a standstill,” Sai added.

On March 3, a bill seeking to introduce the system of auction of mines to enhance transparency and augment mineral production was passed in Lok Sabha, with the government terming it a "revolutionary" step.

The Mines and Minerals (Development and Regulation) Amendment Bill, 2015, which will replace an ordinance promulgated in January, was passed amid vociferous protests by members from TMC, BJD and RSP.

India iron ore imports

India bauxite

iron ore

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India to auction minerals like Iron Ore, Bauxite to cut imports

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