Composite mineral licence regime introduced to boost investment

New Delhi, May 16 (IANS) In a big reform initiative aimed at attracting global investment in the mineral sector, the government on Saturday decided to allow offering composite mineral exploration licences to bidders.Accordingly, 500 mineral blocks would be offered to companies under a seamless composite exploration-cum-mining-cum-production regime. Also, to enhance the competitiveness of the aluminium sector, joint auction of bauxite and coal blocks will be done. This will help aluminium producers to become compatible and reduce their electricity cost. The government has also decided to do away with the concept of captive and non-captive mines allowing companies with captive mines to sell surplus mineral in open market on commercial terms. Captive miners will also be able to transfer or sell their lease to other players.
--IANS
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