The Chhattisgarh Government is looking for investors globally in the mining sector who would also come with downstream projects apart from taking up mining activities in the State.
The Government has decided to prefer such investors in sanctioning of Mining lease and Prospecting lease, officials informed.
All such global mining industries will benefit from the similar incentives offered to all other industries in the State, they informed.
It may be recalled that the central public sector undertaking Hindustan Copper ltd has signed a joint venture agreement with Chhattisgarh Mineral Development Corporation (CMDC) for exploration, mining and beneficiation of copper and associated minerals.
Hindustan Copper said in a BSE filing that it has executed a Joint Venture (JV) agreement on August 30, 2016 with Chhattisgarh Mineral Development Corporation ltd, a Government of Chhattisgarh enterprise for exploration, mining and benefaction of copper and its associated minerals in the state of Chhattisgarh."
In the JV, Hindustan Copper will hold 74 per cent stake while CMDC will hold 26 per cent.
It further stated: "Initially the JV company would be formed with an authorised paid up capital of Rs 10 crore to meet the cost of exploration."
" CMDC will be allotted 26 per cent equity in the joint venture company for consideration other than cash which would be against the services to be provided by CMDC for facilitating the varied licences and approvals from the State Government," it added.
Notably in April last year, the Central public sector undertaking Hindustan Copper ltd had announced it will be forming a Joint Venture Company (JVC) with Chhattisgarh Mineral Development Corporation limited (CMDC) with investment of Rs 10 crore in the equity capital of JVC to explore and develop new copper mines in the State of Chhattisgarh.