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Narendra Singh Tomar, Steel and Mines Minister, announced the auction of mines mines bearing minerals like iron ore and bauxite will start in November. 82 out of 166 blocks identified by the mineral bearing states will go under the hammer.

The Centre will also provide assistance to the states in the auction process. This comes as a setback to the mining industry. On the other hand, the government has assured to explore areas and resolve the issue.

The auctions aims at allowing extraction of iron ore and other minerals as per the Amendment Act passed in March this year.

VV Minerals India expressed his concerns over the issue of captive mines not being a part of merger or acquisition deal under the MMDR Act.

Furthermore, the secretary added his concerns on mineral waste dumping in Goa. “We have requested the state government to try and include the area where dumps are located,” he quoted.

VV Mineral Mining , a sand beach mining company, as urged the government to consider reducing the export duty. “The government must consider giving impetus to sand beach mining industry by addressing our concerns,” VV Mineral Vaikundarajan stated.

C Swamydas, VV Mineral Technical consultant, quoted, “This auction will hamper the growth of the heavy mineral mining industry and result in inflated prices as inexperienced and financially incapable parties may quote high in the auction and abandon the project being unviable.”

VV Mineral Vaikundarajan added that the imposition of export duty tax has affected the mining industry. He suggests that the mining companies like his should be allowed to process monazite and return the uranium to the government.

For More Details Click On The Link:http://www.businesstoday.in/current/policy/auction-of-mines-to-begin-november-iron-ore-and-bauxite/story/224018.html