Doors Thrown Open To Australian Mining Firms

Addressing the Australia-India New Horizons business forum here, Union minister of steel and mines Birendra Prasad Baishya said, the government has cleared 24 foreign investment proposals in the mining sector in recent months envisaging an investment of $500 million.

It is interesting to note that about half the proposals are from Australian companies, union minister Birendra Prasad Baishya observed.

The minsiter pointed out that the new guidelineswhich were issued in the month of October were in line with the new mineral policy to make foreign equity participation up to 50 per cent in the mining sector automatic, exceptin the instances of gold, diamond and precious stones.

 

However, foreign equity of more than 50 per cent as also proposals for gold, diamond and others would be considered and approved on a case-to-case basis, union minister for steel and minesBirendra Prasad Baishya said.

Australia possesses expertise in advanced exploration technology, geological modeling and mine planning, Baishya said adding deliberations in this business forum would open up new vistas for exploration and mining with Australian collaboration.

Grant of large areas for prospective licences from 25 sq kms to 5,000 sq kms for a single prospecting licence would attract foreign direct investment in exploration of minerals into the country, the minister observed.