The government will auction 19 gold mines, three diamond mines and eight iron ore mines along with 70 other mega blocks with a minimum area of 100 square kilometre each for exploration to Indian and global firms.
The Geological Survey of India (GSI) has handed over a list of 100 mega blocks in 22 states to the mines ministry for auction to exploration agencies, mines secretary Balvinder Singh told ET. “We had asked GSI to identify blocks for exploration. The agency has identified 100 blocks of around 100 square kilometre or more for carrying out exploration on revenue sharing model. We expect to finalise a policy for mineral exploration soon, which will give details about the revenue sharing model,” he said.