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Govt to auction 20 iron ore mines to revive mining industry

By Religare
|

The Indian Government has said that it is planning to auction about 20 major iron ore mines to revive mining industry, media reported.

As per reports, India's mining sector has been hindered by controversy over illegal allocation of resources. Once the world's third-biggest iron ore exporter, the country now imports the steelmaking ingredient due to a court-led crackdown on illegal mining.

The Government is hoping that the auction will up the mine sales and will bring the country closer to its target of tripling its steel capacity to 300 million tonnes by 2025.

 

Commenting on the issue, Mines Secretary Balvinder Kumar told the media, "Most of the states are in the midst of carrying out their pre-auction activities and hopefully by the end of October and November onwards they will start (auctions)."

"The Government expects about 80 mines to be auctioned in the first phase, including limestone, gold and about 20 iron ore mines," he added.

Story first published: Tuesday, August 25, 2015, 23:00 [IST]
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