Mines Secretary stesses on geological prospecting and a simple universal reserve classification for minerals.

M2 PRESSWIRE-23 November 2000-Indian Government: Mines Secretary stesses on geological prospecting and a simple universal reserve classification for minerals (C)1994-2000 M2 COMMUNICATIONS LTD

RDATE:23112000

Indian Precambrian shield is known to host a wide array of geological formations with exciting mineralogical possibilities. This has generated tremendous interest in multi-national mining companies all over the world. In the last four years, 79 reconnaissance permits covering an area of 105,000 sq. kms. have been granted. Aerial prospecting in a large part of this area has been completed and the data is under process. The Mines Secretary Shri Dipak Chatterjee said this today in his keynote address in the Regional Seminar on the Implementation of United Nations Classification for Reserves/Resources: Solid Fuels and Minerals (UNFC) at Agra. The seminar has been organised by the Federation of Indian Mining Industries. Shri Chatterjee said that since the liberalization of Indian mineral sector in 1993, sincere efforts are being made to expedite geological prospecting to attract private investment - domestic as well as foreign.

He said that the existing Indian system of classification of mineral reserves/resources was evolved and standardised after a comprehensive deliberation aiming at long term planning, infrastructure development and investment decisions. To make it more meaningful, end-use grades of the resource estimates have been included to suit the ...