He said exploration of the deep seated minerals needs to be focused. Lot of work needs to be done and private sector must play role in exploration too. He also said that there is large number of small players in the mining business. Now the time has come for the consolidation, either through consortium of miners. In our country there is lot of low grade minerals. For example, bauxite reserve in Orissa, however there is huge reserve of low grade bauxite in Maharashtra and Gujarat also, he said. He emphasized the importance for utilizing the low grade ore.
He said India is deficient in lithium and cobalt. These two minerals are required for electric vehicle which is one of the major missions of Government of India. The government has initiated a proposal where NALCO, Hindustan Copper and MECL will form a joint venture to acquire lithium and cobalt mines abroad.
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