Monday, 11th February 2008 (2274 views)

India is hoping to attract multinational gold and diamond mining firms through its new mining policy, according to reports.

DNA India says minister of state for mining, T Subbarami Reddy, told a conference that current gold resources were underexploited and that "top foreign gold and diamond companies" had expressed an interest in operating in the country.

Under the proposed policy, state governments will receive higher royalties from the mining of major minerals and a committee has been formed to look at fixing a uniform price for all regions.

"I want India to become self sufficient in gold production in the next ten years," Mr Reddy said.

He added that the policy is expected to be enacted in "two to three months", pending cabinet and parliament approval.

India is currently the largest importer of gold in the world, with the majority of its annual consumption of 800 tonnes used for jewellery.

 

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