India invites US investment in mining
In an effort to encourage more investment in the mining sector, the Union Minister of Mines and Development of North East Region (DoNER) BK Handique addressed the Manhattan India Investment Round Table which was attended by about 25 investors, promoters and prominent equity managers from New York Stock Exchange.
The event was organised by the US-India Business Council (USIBC) at Harvard Club in New York.
Handique highlighted the mining related opportunities in India and the investor friendly provisions proposed in the new Mines and Mineral Development Act.
He said that world’s 30% of Ilmenite (Titanium), 13% of high grade iron ore, 11% of Kaolin, 8% of Coal, 7% of Chromite and 4% of bauxite are found as resources in India. India’s economic growth has fuelled a stable high demand for metals and minerals. “Diamonds growing at 12% and India is the largest market in Diamonds; Steel growing at 11% and India is the 5th largest market in steel; Aluminium growing at 10% and our country is the 4th largest market, Copper growing at 10% and being the 11th largest market and Zinc growing at 10% and being the 8th largest market,” he added
While clarifying on the new law, he said that the legislation provides for a simple, clear and transparent concession regime, which encourages specialized exploration and allows full transferability of concessions. It also assures security of tenure. “We have built in sustainable development principles directly into the legislation enabling scientific mining practices, local area development and stakeholder participation to be addressed upfront, making it possible for investment decisions to be taken quickly and in level playing field conditions,” he added.