Date:07/09/2007 URL: http://www.thehindu.com/2007/09/07/stories/2007090761941900.htm

Business

‘Change mining focus from coal to gold’

Exploit gem stone potential, says Subbarami Reddy

PHOTO: PTI

GO FOR GOLD: Union Minister of State for Mines T. Subbarami Reddy (second from left), Chief Minister of Jharkhand Madhu Koda (left) and Deputy Chief Minister Sudhir Mahto (second from right) at a CII conference in Ranchi on Thursday.

RANCHI: Union Minister of State for Mines T. Subbarami Reddy on Thursday said the focus of mining should be switched to gold and diamond, which could give a boost to the economy.

“Mining means not just iron ore, it covers the entire mineral wealth,” Mr. Reddy told reporters here while referring to the great potential of mining to the growth of the country’s economy.

“Iron ore is in the news because of its global rates, but gold and diamond have the potential... giving a fillip to economic growth,” he said adding that the focus of mining bulk minerals such as coal and iron should be changed to gold and diamond, abundantly available in Jharkhand, Andhra Pradesh, Karnataka, Orissa and Chhatisgarh.

India now imported gold and diamond (rough stones) worth about Rs. 140,000 crore, Mr. Reddy said .

“We need to reduce this (importing gold/diamond) and explore ways to mine these from our own areas. We need to have foreign technology and risk capital to reduce our dependence on imports of gold and diamond,” he said.

The Union Minister was here to address a function, ‘leveraging mineral resources through mining in Jharkhand,’ organised by the Confederation of Indian Industry. — PTI