New Delhi to auction off 100 plots in bid to transform Indian mining sector

Indian mining sector: The Indian government has unveiled plans to transform the country’s mining sector by auctioning off  about 100 large plots for exploration to domestic and international bidders, Mines Secretary Balvinder Kuma told the Economic Times this week.
In a reverse auction, interested parties will be asked to propose how they would share out royalties with the relevant state government. If reserves are confirmed, 50-year licences will then be auctioned off. 
Only 10% of India’s potential mineral reserves have been explored to date, leaving around 80bn  tons of the country’s reserves untapped, according to a 2014 study conducted by the Associated Chambers of Commerce and Industry of India (ASSOCHAM). Its  major mineral resources include coal, iron ore, manganese ore, aluminium,  mica, bauxite chromite, natural gas, diamonds, limestone and thorium.

Source: indiatimes