India will auction 100 prospective mineral blocks of 100 sq km area each by November this year, a move that will boost the country’s mining potential.
The development comes after the government last week approved a new National Mineral Exploration Policy (NMEP), which will help in attracting more foreign direct investment in the mining sector. “Geological Survey of India (GSI) has identified 100 blocks. SBI CAP is working on the auction modalities for these blocks and will submit its report in 2-3 months,” Mines Minister Narendra Singh Tomar told reporters at the first national minerals & mining conclave here. When asked about the time-frame of the auction, he said: “The process will start in the next 4-5 months.”