NEW MINES & MINERALS AUCTION RULES IN BY MAY 2015: STEEL & MINES MINISTER

NEW MINES & MINERALS AUCTION RULES IN BY MAY 2015: STEEL & MINES MINISTER

NEW MINES & MINERALS AUCTION RULES IN BY MAY 2015: STEEL & MINES MINISTER

 

No.PR-201
February 19, 2015
New Delhi
 

NEW MINES & MINERALS AUCTION RULES IN BY MAY 2015: STEEL & MINES MINISTER
 

Ministry of Steel and Mines will finalizes the new mines and minerals auctions rules by May 2015 and send them on to the States for endorsement, says its Minister Mr. Narendra Singh Tomar.
 

Inaugurating a Conference on Manufacturing Signature Series 2015 under the aegis of PHD Chamber of Commerce and Industry here today, the minister also said that his ministry was making necessary provisioning in the statutes to involve private sector participation in exploration of mines and minerals.
 

Currently, only the state owned agencies were empowered for exploration of mines and minerals and private sector has no role in such activities, said the minister adding that the private sector would be compensated for undertaking exploration activities in terms of payment and that it would be granted no relaxations for award of mines and minerals as the private sector would have to chip in for this through auction process.
 

Mr. Tomar further added that auctioning would be only channel available for obtaining mines and minerals reserves in all categories including captive mines and even a foreign entity such as POSCO would have to be awarded mining and mineral blocks through auction process even though it has been seeking to invest in India in its mines and minerals segment for over a decade.
 

“By the month of May 2015, the ministry of steel and mines will have finalized the new auction rules and regulations for future as for which the mines and minerals resources be awarded and the new rules and regulations finalized by the centre be referred to states such as Odisha, Chhattisgarh, Jharkhand and the like for their endorsement”, said the minister.
 

He also indicated that the finance ministry is favourably considering anti dumping measures in terms of duty hike to restrict unwarranted imports of steel and other such materials from countries in India’s neighbouring region as also working on policy guidelines to hike the production of iron ore and even suggested higher export tariffs on exports of iron ore.
 

The ministry has also been aggressively supporting the expansion drive of Steel Authority of India (SAIL) to increase its steel capacities from existing 11 million tones to over 23 million tones by June 2015.
 

In his welcome remarks, President PHD Chamber Mr. Alok B. Shriram appealed to the government to create a level playing field for domestic steel producer to take on the major international steel producing entities whose exports to India are rising by leaps and bound.
 

He also sought that the government should do all its best so that the steel production accelerates from 85 mt to 120 mt in near future so that India’s reliance on domestic steel production stays intact.
 

Chairman, Jindal Steel Pvt. Ltd Mr. Naveen Jindal in his observations demanded transparent policies from the government for all sectors including steel, coal and mines so that no ambiguity prevails and business is conducted with ease and fairplay.
 

Among others who spoke on the occasion comprised the Managing Director of Tata Sponge Iron Ltd. Mr. D P Deshpande, Chairman Industry Affairs Committee of PHD Chamber Mr. Anil Khaitan and its Secretary General, Mr. Saurabh Sanyal.
 

ENDS

Koteshwar Prasad Dobhal
Consultant (PR)