The Hindu : Andhra Pradesh / Hyderabad News : New Central policy to encourage global participation in mining exploration

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Friday, Jun 22, 2007
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Andhra Pradesh

Andhra Pradesh - Hyderabad

New Central policy to encourage global participation in mining exploration

HYDERABAD: The new mining policy of the Centre would encourage international participation in mining exploration in the country and make it mandatory for a State to supply iron ore to other States, Union Minister of State T. Subbarami Reddy said here on Thursday. The new policy would be introduced in Parliament either in the coming monsoon or winter session.

Talking to reporters here, he said the country had mineral reserves in a vast extent of 18.5 lakh sq.km, but only five per cent of the area was explored. Since huge investments were needed in mineral exploration, the new policy would seek to encourage global participation.

Referring to criticism over the alleged lack of efforts in getting a captive iron ore mine for Visakhapatnam Steel Plant, Dr. Reddy said that although he was trying to help Visakhapatnam Steel Plant in this regard, the Centre could only recommend and the main authority was vested with the concerned State in allowing it. There was no connection between Brahmani Steel Plant and Visakhapatnam Steel Plant.

The former was already exporting two million tonnes from its Karnataka plant and once the Kadapa unit goes on stream, the exports would be stopped and the same quantity would be diverted to it.

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