|
New rules will
'boost India's gold output'
A new series of rules are
to be introduced which are designed to improve India's gold output, it has been
revealed.
India's gold and diamond prospecting and mining regulations will be updated in
order to improve domestic exploration and reduce foreign imports, according to
government officials.
Reuters reports that the country's gold reserves are estimated at around 14,000
tonnes, although India only produces three tonnes of its total annual demand of
800 tonnes, importing a fifth of global output in order meet the defecit.
"Under the existing rules if any entrepreneur invests money and finds gold, then
he must apply again for mining," commented junior mines minister T Subbarami
Reddy.
RK Sharma, secretary general of the Federation of Indian Mineral Industries,
added that most foreign firms are interested in gold mining.
New regulations are due to be sent for approval to the government this week and
should make it easier for investors to receive mining licences.
Furthermore, prospecting companies would be allowed to sell maps and information
to mining companies, something currently illegal in India.
© 2007 Adfero Limited |
