Mines Minister invites global firms to invest in India

Steel and Mines Minister Narendra Singh Tomar has invited global firms to invest in the country's mining space, assuring all support in this regard.
Addressing the India Day session at Mining Indaba, an annual industry event in South Africa earlier this week, Tomar invited companies to invest in the mining sector of India which he said was on course to taking off on a higher growth path.
As many as 18 mining ministers from countries including from South Africa, Namibia, Ghana, Angola, Sudan, Nigeria, Gabon, Eritrea, Kenya and Mali participated in the current edition, an official release said today.
Stating that India is rich in mineral resources and a large part remained unexplored, the Minister invited captains of mining industry to invest in exploration sector as well.

He also underlined commitment of the government to provide all possible support.
Tomar also highlighted the changes in the new legislation brought in by the government, where all mining concessions are now to be granted through auction route, eliminating chances of discretion or bias, while reducing delays, the release said.

He also said Indian corporates and PSUs are on the lookout for good investment opportunities in mining sector abroad for ensuring regular availability of minerals to the domestic industry in which India is deficient.
Tomar also had a bilateral meeting with South Africa's Natural Resources Minister Ramatlhodi in which the two nations agreed to revive a Memorandum of Understanding (MoU), signed in 1997, for cooperation in the mining sector.

He held a separate meeting with representatives from Congo in which the discussions revolved around the prospects of collaborative efforts.
The two countries agreed to sign an MoU to formalise a structured engagement between the nations.