Mining firms urged to explore mineral reserves

Though India has abundant mineral resources like rock phosphate, copper, lead, zinc, molybdenum and tungsten, they are being imported into the country as there is very little exploration being done for them, the Institute of Minerals and Materials Technology (IMMT), a research laboratory under the Centre for Scientific and Industrial Research, has said.

Many states like Bihar, Madhya Pradesh, Rajasthan, West Bengal, Karnataka and Andhra Pradesh have deposits of these five minerals being imported.

"These minerals have various industrial applications. The demand for these minerals has increased in India as the economy is growing. It is the right time for the mining companies to explore reserves in the ore-bearing states," G V Rao, scientist at the IMMT, said at a meet of the mining industry on Tuesday.

He pointed out that these minerals were fetching high prices in the domestic market. "The Indian mining companies can benefit from supplying these minerals to the domestic industry. Many companies are holding leases on these minerals. Most of them have even stopped mining copper," he pointed out.

Rao said the historical waste dumps could also yield a considerable stock of minerals. "Iron ore fines, which were dumped as waste two decades ago, are commanding high prices in the international market now. The demand for bauxite and chromite ore waste will pick up in the next five years as steel companies are expanding worldwide," he pointed out.

Rao said IMMT was exploring new areas for mineral resources.

"We are working on beach sand mineral mining technology to extract precious metals like titanium and zirconium. Pilot projects in Andhra Pradesh, Orissa and Tamil Nadu have shown encouraging results," he added.