India to auction 100 blocks for exploration by November

TIL Desk/Business/Raipur- India will auction 100 prospective mineral blocks of 100 sq km area each by November this year, a move that will boost the country’s mining potential.

The development comes after the government last week approved a new National Mineral Exploration Policy (NMEP), which will help in attracting more foreign direct investment in the mining sector.

“Geological Survey of India (GSI) has identified 100 blocks. SBI CAP is working on the auction modalities for these blocks and will submit its report in 2-3 months,” Mines Minister Narendra Singh Tomar told at the first national minerals & mining conclave here.