New Mineral policy to attract huge investments: Minister

Hyderabad, Nov 21 (UNI) The Centre will shortly come out with a new National Mineral Policy (NMP) with a view to attracting huge investments in the sector even while protecting the environment and the interests of tribals, Union Minister of State for Mines T Subbirami Reddy said today.

Inaugurating an International conference and exhibition on Aluminium ''INCAL 2007'' here, organised by the Aluminium Association of India, he said the mining policy was in the advanced stage of consideration by the Centre.

Evenwhile allowing the states' to have their say, they would not be able to indefinitely keep pending mining lease applications, the minister said, adding the states' have to dispose them of within 14 months after which the applicants were free to approach the mining tribunals which would consider the applications and take a decision in consultation with the Centre.

The states, which had enormous mineral wealth, would be benefitted more from the new policy by way of royalty, he said.

The minister wanted the companies to develop new technologies to extract bauxite and other mineral wealth without adversely affecting the environment and by making tribals, a partner in development.

UNI