Govt plans to issue mineral mining licences via auctions
New Delhi, November 17:
The Mines Ministry, in the Bill to amend the Mines and Minerals (Development and Regulation) Act, has proposed competitive bidding mechanism for allocation of mines for all minerals .
According to the draft of the Mines and Minerals (Development and Regulation) (Amendment) Bill, 2014, for bulk minerals such as iron ore, limestone, manganese, bauxite and others, there will be no requirement for a prospective licence and any gaps in the knowledge relating to such minerals will be filled by the State Government agencies. Such minerals, which will be notified at a later date, account for nearly 85 per cent of the country’s total mineral production.