If private players are allowed to enter the field, they would only exploit the rich mineral deposits available in abundance along the Kerala coast without contributing to the public well being, Achuthanandan said in a statement today.
"Mineral deposits along the Kerala coast are priceless treasures of the state. They should be retained in the state sector in larger public interest.
A division bench of the High Court had yesterday passed the order while dismissing a writ appeal by the government.
On a petition by M/s. Kerala Rare Earths and Minerals, Aluva, the single judge had on February 21 last year directed the government to pass orders on the applications filed by the company for mining license in accordance with law.