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India Plans Diamond-Mine Auction Debut
Apr 10, 2016 10:53 AM
By Rapaport News
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RAPAPORT... India is set to auction off a diamond mine for the first
time, according to a Reuters report that cited India’s mines secretary
Balvinder Kumar.
The Indian state of Madhya Pradesh in the center of the
country plans to float tenders for the auction of the 136-hectare Hatupur block,
with the process likely to be completed in “about forty days,” according to the
report. The mine has 604,336 tonnes of mineral resources.
India has begun a program of auctioning mines as it aims to
boost local output of minerals and reduce expensive imports. Vedanta successfully
bid for the first gold mine to come under the hammer in February.
The news comes as the Indian diamond mining industry is potentially receiving a new lease of life, with Rio Tinto currently developing the Bunder mine
in Madhya Pradesh, which would be one of only a small number of diamond pits in the country.
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Tags:
Auctions, Hatupur, India, Madhya Pradesh, mines, mining, Rapaport News
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