Govt asks mining industry to hunt for assets overseas

Anticipating a rise in demand for metals and minerals, the government today suggested companies to venture overseas for acquiring mines in a bid to meet the requirement in the medium term.
"We must start looking overseas for mining assets acquisition to gain global competitive advantage," Minister of State for Steel and Mines Vishnu Deo Sai said in his message at industry body FICCI's event on the mining industry.
Sai's message, who was not present at the event, was read out at the conference -- Indian Mining Industry: A Landscape of New Opportunities.
There should be more of exchange visits and participation at global mining events to increase exchange of information, best practices and technology transfer while promoting the skill development and joint ventures, he added.

"This would go a long way in fulfilling the demand for various metals and minerals which will grow by 4-5 times over the medium term perspective in the country, with a targeted contribution of 5-6 per cent of mining industry to the Indian GDP in the next decade," the Minister said.
Highlighting the government's initiatives at the event, Mines Secretary Balvinder Kumar said the draft exploration policy, which is in the public domain would be revised soon to include some critical aspects.

He added that the government was also gearing up MECL and Geological Survey of India (GSI) to give more blocks for auction.

Besides, states are expected to auction 65-70 mineral blocks in the first phase of mines auction, which started this month, and another 50-60 blocks are expected to go under the hammer in the next one year, Kumar noted.
Private sector needs to step up its efforts in the mineral exploration space. The government is working out a detailed plan to allow private players to actively participate in exploration, he added.
Mines Ministry's Economic Advisor Sudhaker Shukla said mining is an integral part of the economy as it provided raw material for smooth functioning of the manufacturing sector.
"There is a need for the stakeholders to work in tandem. The policy on mines was in pace for boosting exploration and facilitating the sector," he added.