India to consider new law for mining

India to consider new law for mining

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India: India’s Parliament is expected to consider a proposed mining law in November and the new legislation, which aims to open up the country’s resources to foreign and local private investment and increase the benefits from mining to local communities.

The government wants to see the use of advanced geophysics and remote sensing to detect deep-seated mineralisation, as well as new technologies for beneficiation and value addition. It also wants to see a move towards more scientific mining practices, including mechanisation, automation and computerised credit management systems.

The new mineral policy “signals a substantial and strategic shift in the way the Indian mining sector is developed and it now unequivocally enunciates that private investment will be encouraged in exploration, particularly for deep-seated mineralisation, using high technology”, Indian Ministry of Mines Secretary Subramanyam Vijay Kumar said.

The new law, which is intended to replace the current 1950s Act, has been approved by a group of key Ministers, and will go to Cabinet for final approval before being put before Parliament, Indian Ministry of Mines Secretary Subramanyam Vijay Kumar said.

The country has an estimated 30 percent of the world’s total ilmenite resources, 13 percent of iron-ore, 8 percent of coal, 7 percent of chromite, 4 percent of bauxite and 3 percent of manganese ore.

Source: miningweekly.com & WSJ