Govt: States likely to auction 54 non-coal mines in FY18

As per the new mining law — Mines and Minerals (Development and Regulation) Amendment Act, 2015 — non-coal mines have to be auctioned by the respective state governments.Even though the state governments have been able to auction just 29 non-coal mines in the last 20 months, the Central government is now expecting them to auction 54 mines in the current financial year.

“In this current financial year, we expect to auction 54 mines with a mineral value of Rs 2 lakh crore and a revenue implication of accruals to states of Rs 1.5 lakh crore,” said Arun Kumar, Secretary, Ministry of Mines, in New Delhi on Wednesday. Unlike coal, the auction of mining licenses of non-coal minerals is conducted by the respective state governments. The central government expects the state governments to earn total Rs 1.22 lakh crore, over the period of next 50 years, from the 29 mines already auctioned. The mining lease to these non-coal mines is for 50 years and the total earnings for the states include royalty and contributions for the District Mineral Foundation and the National Mineral Exploration Trust.

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