The government is toying with a plan to set up special mining zones in the country in the lines of special economic zones (SEZs) and special agriculture zones (SAZs), to fast track investment in the mining sector.
Once such a zone is established, mining companies can come together to set up mines in these areas set up by private companies. To set up such zones, private developers will have top take all the required clearances, including environment and other regulatory approvals. As per the plans, once implemented, mining companies can set up such zones in restricted areas, as long as they meet all the safeguards. India?s mining sector is expected to attract investments to the tune of $2 billion in the next couple of years.
However, the proposal, which was mooted by the steel ministry, is yet to find favours with the mining ministry.
?Kudremukh Iron ore company Limited (KIOCL) mining activities in Karnataka were stopped due to environment issues. We do not want such kind of situation any more, ? RS Pandey, secretary steel told FE.