23 October, 2020

Explore In India To Mine In India

Although the policy framework has evolved, there are challenges related to linkages that the auction process to lease the mines has with ­production, exploration, ­technology, and land acquisition

Explore In India To Mine In India
outlookindia.com
2019-02-08T11:43:55+05:30

Two years ago, a Chinese mining billionaire visited India to scout for investment opportunities. He met the Minister (Mines), and proudly claimed, “I can invest a couple of billion dollars. Please tell me where to put in the money, and how fast can I start production.” Taken aback, the minister began to extol the advantages and potential of the Indian mining sector. The billionaire listened carefully, left the office, and later shook his head. “I don’t invest in potential. I invest in profits,” he told his Indian aide.

The lessons from this anecdote are revealing. Although India has the best mining policies and laws, there are grave apprehensions among the foreign investors. The same is true about the local private miners. Therefore, it is time to address the micro issues now that the macro guidelines are in place. There are three areas that require the government’s immediate attention—auction, exploration and land acquisition. This is especially true in a scenario where Indian mining has witnessed de-growth over the past three...

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