You are here: Home » Economy & Policy » News
Business Standard

Govt to start auction of mining leases in 2019

Mines ministry will come out with proposed draft amendments in Mineral Auction Rules, 2015, in Septt

Press Trust of India  |  New Delhi 

Labourers load coal onto a supply truck on the outskirts of Jammu
Representational image: Labourers load coal onto a supply truck on the outskirts of Jammu

The has set a window of two years to start the of due to expire in March 2020, a top official said on Tuesday.

"Our aim is the starts in 2019 and not in 2020 so that the successful bidder has time to manage and arrange finance, other resources, negotiations... So on and so forth," Mines Secretary Arun Kumar said in New Delhi.

He was speaking at the 51st annual general meeting of the Federation of Indian Mineral Industries (FIMI) in New Delhi.

FIMI had earlier expressed concerns on the expiry of the existing in March 2020, which it said would affect availability of raw materials for the Indian industry.

"So, we are looking at this very seriously and I hope our preparations will bear fruit. There would be minor disruptions I am sure, but I would put it in this perspective that we had much more major disruptions and survived," he added.

In a bid to make mineral block more effective, the mines ministry will come out with proposed draft amendments in the Mineral Rules, 2015, in September.

"And I hope in the forthcoming month, we will be able to bring out a draft amendment notification on which formal comments will come in and we will be able to notify the amendments as acceptable to the government," the secretary added.

First Published: Tue, August 29 2017. 17:44 IST
RECOMMENDED FOR YOU