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Tomar invites Australian cos for mineral auctions

Saturday, September 5, 2015, 11:19
This news item was posted in Business category and has 0 Comments so far.

KOLKATA: Union steel and mines minister, Narendra Singh Tomar has invited Australian mining companies to take part in the upcoming mineral auctions in India. The minister, who is on a visit Down Under, met Western Australia’s Premier, Colin Barnet in West Perth on Friday. Highlighting the reforms being ushered in India’s mining sector, Tomar said it is an opportune time for Australia to make investments and informed the Premier about the progress in holding the upcoming mineral auctions. He emphasized that the reforms also aim at boosting mineral exploration in the country and development of mining affected areas, while inviting collaboration from Australian companies in exploration activity. On his part, Barnet expressed keen interest in the Indian mining sector and assured Tomar of necessary steps being taken for mutual benefit of the two countries. He highlighted Western Australia’s key role in mining, with a 70 per cent share of Australia’s mining sector and 50 per cent of total Australian exports. Some 30 per cent of world iron ore production comes from WA alone while it also contributes significantly in production of bauxite, nickel, gold and LNG. The Indian delegation also visited Huntley mines, the world’s second largest bauxite mine with a production of 25 million tonne (mt) The delegation went to the operational centre of Rio Tinto, from where the company operates fifteen mines at Pilbara, located some 1500 km from Perth. These mines have a total production of 330 mt. During his trip, Tomar also visited the office of Legacy Iron ore limited, which is a subsidiary of state owned NMDC Ltd and is based in Australia.      

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