FM unveiles reforms in mineral mining sector

FM said 500 blocks of minerals will be auctioned in a composite exploration-cum-mining-cum-production regime.

New Delhi: Finance Minister Nirmala Sitharaman on Saturday announced major reforms in the mining of minerals through a seamless composite exploration-cum-production regime.

She said 500 blocks of minerals will be auctioned in a composite exploration-cum-mining-cum-production regime.

Also, a joint auction of bauxite and coal blocks would be done to enhance the aluminium industry's competitiveness.

This, she said, will help the aluminium industry reduce electricity costs.

She said the distinction between captive and non-captive mines will be removed to allow the transfer of mining leases and sale of surplus unused minerals, leading to better efficiency and production.

Rationalisation of stamp duty payable at the time of award of mining leases.

(With inputs from PTI)