The Union Ministry of Mines is “making sustained efforts” to attract more private entrepreneurs into mineral exploration, Prahlad Joshi, Minister of Coal, Mines and Parliamentary Affairs, said on Tuesday.
Speaking at an FICCI event, the minister said auctioning of commercial coal mines saw the Centre generate an additional revenue of ₹25,000 crore last year. And Odisha was among the States that had generated the highest revenues.
According to him, the Geological Survey of India (GSI) needs to focus on new age mineral exploration.
“We are also making sustained efforts to attract more private entrepreneurs into mining and exploration,” he said adding that some of the recent reforms initiated include making the National Mineral Exploration Trust (NMET) into an autonomous body.
Coal production from captive mines is expected to touch 140 million tonne (mt) this year against last fiscal’s 89 mt. Total coal production during FY23 is likely to record 900 mt, he added.
According to the Minister, commercial coal mine auction has been a big success. The PSUs, he said, have been asked to start production from allotted coal blocks “at the earliest” failing which mines could be “surrendered” for re-auctioning.
Around 190 major mineral blocks have been auctioned during the last seven years.