The government is planning to grant composite exploration licences for valuable but hard-to-locate minerals such as gold, silver, platinum and copper as it seeks to attract more private investment in mining.
According to persons aware of the development, the mines ministry has moved draft amendments to the Mines and Minerals (Development and Regulation) Act, proposing a single exploration licence for specialised mineral exploration companies to conduct reconnaissance, prospect mines and earn revenue from its discovery after the mine is put to auction for miners.
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