IBM for more spending on exploration of new resources

BHUBANESWAR: Asking mines operators to get rid of the bad name of being polluters by undertaking green activities, Indian Bureau of Mines (IBM) today said the country was lagging in exploration of new resources.

"While use of minerals is increasing fast in the country, much needed exploration for new deposits for future is not upto the expectation," IBM Controller General, C S Gundewar said.

Gundewar said this while addressing the mine operators at the final day function of mines environment and mineral conservation week here.

Stating that India was unable to balance exploration and exploitation, Gundewar said while Australia spent abut 500 million USD per annum on survey, Latin America's expenditure on this activity was about 700 million USD per annum.

India, which has a geographical setting identical to both Australia and Latin America, spends only USD 5 million on promotional exploration, mainly through GSI, and major part of it is spent on coal.

"India accounted for less than one per cent of the global exploration expenditure," Gundewar said adding that in last 50 years, the total amount spent by GSI in mineral search is about Rs 500 crore only.

"Of Rs 500 crore spent on search for new minerals in the country, Rs 350 crore are for loacting coal despoits alone," he said.