Date:22/09/2007 URL: http://www.thehindu.com/2007/09/22/stories/2007092256251700.htm

Business

Scope for private initiative in mining

Staff Reporter

Focus on exploration of gold and diamonds

EXPLOITING MINERAL WEALTH: (from right) T. Subbarami Reddy, Union Minister of State for Mines, Muralidhar Chandrakant Bhandare, Governor of Orissa, Naveen Patnaik, Orissa Chief Minister, and B. K. Mohanty, convenor, mining panel of CII-Orissa, at a conference in Bhubaneswar on Friday. - PHOTO: ASHOKE CHAKRABARTY

BHUBANESWAR: Union Minister of State for Mines T. Subbarami Reddy on Friday said a new mineral policy facilitating private sector participation would be tabled in the coming winter session of Parliament.

Dismissing concerns of mineral rich States such as Orissa, Jharkhand and Chhattisgarh that the new mineral policy would take away their authority, Mr. Reddy said the new policy would help attract investments from the private sector and in the process States’ revenue would go up.

Earlier, the Union Minister had a detailed discussion with Chief Minister Naveen Patnaik about expeditious tapping of the mineral wealth of Orissa.

The Government would focus on exploration and value addition of the two precious metals — gold and diamond —in the next three years, he said.