190 major mineral blocks auctioned in seven years, says Pralhad Joshi

Coal and Mines Minister Pralhad Joshi said on Tuesday that due to several innovative initiatives taken by the Central government, including amendments in mining legislations, 190 major mineral blocks have been auctioned in the last seven years, adding that commercial mining has been a great success in the country.

In his inaugural address at the two-day conference on Indian Minerals and Metals Industry, Joshi said the Centre is making efforts to attract more private entrepreneurs into mineral exploration.

“Mineral exploration will be carried out without adverse environmental impact through enhanced use of drones and other latest technologies,” he said.

Referring to the fact that many PSUs hold on to coal blocks for several years, the minister urged them to start production from such blocks at the earliest and if they can’t, they should surrender the reserves to the ministry for re-auctioning.

Joshi said that through commercial coal mines auctions, an amount of Rs 25,000 crore in terms of additional revenue had been generated last year and Odisha stood first in revenue generation.

The minister also informed that coal production from captive mines is expected to touch 140 million tonnes this year, compared to 89 million tonnes recorded in the last fiscal.

Total coal production during this financial year is likely to touch 900 million tonnes, the minister added.

–IANS

ans/arm

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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Coal and Mines Minister Pralhad Joshi said on Tuesday that due to several innovative initiatives taken by the Central government, including amendments in mining legislations, 190 major mineral blocks have been auctioned in the last seven years, adding that commercial mining has been a great success in the country.

In his inaugural address at the two-day conference on Indian Minerals and Metals Industry, Joshi said the Centre is making efforts to attract more private entrepreneurs into mineral exploration.

“Mineral exploration will be carried out without adverse environmental impact through enhanced use of drones and other latest technologies,” he said.

Referring to the fact that many PSUs hold on to coal blocks for several years, the minister urged them to start production from such blocks at the earliest and if they can’t, they should surrender the reserves to the ministry for re-auctioning.

Joshi said that through commercial coal mines auctions, an amount of Rs 25,000 crore in terms of additional revenue had been generated last year and Odisha stood first in revenue generation.

The minister also informed that coal production from captive mines is expected to touch 140 million tonnes this year, compared to 89 million tonnes recorded in the last fiscal.

Total coal production during this financial year is likely to touch 900 million tonnes, the minister added.

–IANS

ans/arm

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor