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In India, the mining sector is a key economic activity that contributes significantly to the country’s economy. The number of reporting mines in India was anticipated to be 1,229 in FY21, with 545 reporting mines for metallic minerals and 684 reporting mines for non-metallic minerals.
Its strategic location allows for the development of export potential as well as fast-growing Asian markets. In steel and alumina, India has a reasonable cost of production and conversion advantage.
Due to reforms such as the Make in India Campaign, Smart Cities, Rural Electrification, and a focus on building renewable energy projects under the National Electricity Policy, as well as increased infrastructure development, India’s metals and mining sector is expected to undergo significant changes in the coming years.
The Mining Industry In India accounted for $XX Billion in 2021 and is anticipated to reach $XX Billion by 2026, registering a CAGR of XX% from 2022 to 2027.
According to a top company official, Coal India Ltd. is getting ready to establish its own e-auction platform and has notified both new and current bidders to register on the web. The state-owned MSTC Ltd. and mjunction are currently in charge of running the e-auction portal.
About 120 million tonnes of Coal India’s annual sales are made through e-auctions, with the remaining amounts going through special sales windows and fuel supply agreements.
The National Informatics Centre created the miner-specific e-auction platform, with assistance from CIL subsidiary Central Mine Planning & Design Institute Ltd. Coal India’s e-auction is carried out in a 60:40 split between mjunction and MSTC.
After considering customer comments, the Center also plans to launch a coal exchange. For the proposed exchange, it had hired Crisil as a consultant; a report is anticipated in the following 69 months.
POSCO and the Adani group have decided to look at commercial potential together. Adani’s infrastructure group and POSCO, a South Korean steel company, plan to invest $5 billion in projects in Gujarat, including the construction of an integrated steel factory.
India has a long history of gold mining, but legacy procedures and underinvestment have impeded the industry’s expansion. India’s mine production is predicted to rise in the next few years, thanks to amendments to the Mines and Minerals (Development and Regulation) Act and the implementation of the National Mineral Policy and National Minerals Exploration Policy.
Vedanta Limited intends to invest $20 billion across its operations, including an expansion in silver production and steel capacity.
To encourage copper recycling in India, the government reduced the import duty on copper scrap from 5% to 2.5 percent.
