Mineral-producing states are expected to start auction of mines bearing minerals such as iron ore, bauxite and limestone by October and November, Steel and Mines Minister Narendra Singh Tomar said on Saturday.
“I feel mining auction will begin in October and November. I have spoken to all the Chief Ministers of the mineral-producing states, and the process has started there,” Tomar told reporters. The Minister also said the Government is in the process of finalising the guidelines of the District Mineral Foundation (DMF) as well as the miners' contribution to it and will notify them very soon.
“DMF rules are being framed and it will be done soon. The amount of contribution will also be decided soon,” he added. On the issue of steel producers terming the recent hike in import duty for steel products as ‘ineffective’, the Minister said the Ministry's effort is to see how it can protect the industry.
“On this, we keep in touch with the industry as well as the Ministries concerned from time to time,’ Tomar added. Domestic producers are complaining that the recent hike of 2.5 per cent on import duty on steel products will not help the industry as this will be offset by China's move to devalue the yuan.