Auction of mineral blocks stabilized in the country; 186 mines put on sale so far – Devdiscourse

The government on Wednesday said the auction of mineral blocks has stabilized in the country as 186 mines have been put on sale so far.

Of the 186 mineral blocks, 28 were auctioned in the last two months and 46 were successfully sold in FY22, Mines Joint Secretary Veena Kumari Dermal said.

''...186 to be precise blocks are allocated through auction. I am very happy to say that out of this, 46 (mineral blocks) were (auctioned) last year, and this financial year in the first two months we have completed the auction of 28 blocks. So, the auction is stabilized in the country,'' she said during 'India Sweden Mining Day' here.

The state governments, she said, are getting a very good share of the revenue from the auctions and stressed that those states which were early birds in the whole race were really happy.

The Indian mining sector is vibrant, dynamic, and has very good players, she said, and expressed hope that ''the Swedish companies will also take part.'' Swedish companies, she said, are providing technical and automation support to the Indian mining industry.

''Hope today's meeting will help us to kick-start the cooperation and take it forward,'' she added.

Private participation in exploration is being encouraged and a very good legislative provision is made to encourage private participation in exploration also, the joint secretary said.

Swedish Ambassador to India Klas Molin said, ''India Sweden Mining Day is precisely to look at opportunities for cooperation. We have all major companies who have long experiences of working in mining in Sweden...and India here today. ''And as we speak there's a panel going on collaboration, opportunities, etc. So the day is meant to look at those opportunities and I am sure lots of tie-up and potential collaboration will follow.'' The mines ministry had earlier said that the amendment in mineral auction rules will encourage competition that will ensure more participation in the sale of blocks.

The Ministry of Mines had earlier notified the Minerals (Evidence of Mineral Contents) Second Amendment Rules, 2021, and the Mineral (Auction) Fourth Amendment Rules, 2021 to amend the Minerals (Evidence of Mineral Contents) Rules, 2015 (MEMC Rules) and the Mineral (Auction) Rules, 2015 (Auction Rules), respectively.

The amendment rules have been framed after extensive consultations with the states, industry associations, miners, other stakeholders, and the general public.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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Auction of mineral blocks stabilized in the country; 186 mines put on sale so far - Devdiscourse