Thursday, 26 November 2015

Govt to auction 12 copper mines by next year: Mines Secretary

Speaking at the India Copper Forum in Mumbai, Kumar said that the Centre has identified 5 copper mines in Gujarat, 3 in Rajasthan and 4 in Maharashtra for auctioning.


News Newspaper Text
The Government plans to auction 12 copper mines in the next one year in order to ensure ore supply of 10-15 million tonnes (mt), Mines Secretary Balvender Kumar said on Wednesday.

Currently, only Hindustan Copper has a captive copper mine, while other companies import copper concentrate and convert them to copper cathode and rods.

Speaking at the India Copper Forum in Mumbai, Kumar said that the Centre has identified 5 copper mines in Gujarat, 3 in Rajasthan and 4 in Maharashtra for auctioning.

Of these, prospecting licence has been issued for two blocks in Maharashtra and one in Rajasthan, with 11 million tonnes of copper ore to be auctioned by February, Kumar said. 

This would result in supply of 10-15 million tonnes of copper ore in India, he said, adding that another 15 coal blocks have been explored and will be auctioned within a year.

Kumar also said that the Centre is keen to attract private investment in exploration, and will finalise the new National Exploration policy by January.

The Centre is also considering an amendment to the new Mines & Mineral Development Act to allow transfer of captive mines in case there is an asset sale.

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