NEW DELHI India has identified 100 blocks for exploration by private companies, the mines and steel minister said on Wednesday, as premier Narendra Modi's government wants to boost mineral output and cut dependence on overseas purchases.
Under the Union mines ministry's new draft policy, the private explorers would get a share in the revenue from the successful bidder of a block.
"If we have 500 million tonnes iron ore available, we should explore that availability and mine it the day we need it," Narendra Singh Tomar told reporters.
The identified blocks are spread over 12,000 square km and could be rich in minerals such as gold, iron, tin and tungsten.
(Reporting by Sankalp Phartiyal; Editing by Anand Basu)
This story has not been edited by Firstpost staff and is generated by auto-feed.
Updated Date: Feb 18, 2016 02:15 AM