VV Mineral Mining Explains The Problems Faced By

Mining Industries Due To Delay In Processing Leases

The mining sector has suffered heavily due to the pending mining leases. Over 3000 applications are said to have been pending due to long application process.

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V Subramanian, Director of VV Minerals said, "The long drawn and protracted mining lease application process involving 28 ministries and departments at state and central government levels, leading to a total gestation time of more than 2800 days (nearly 8 years) was severely impacting the industry."

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The founder and CEO of this 20 year old mining VV Mineral company addressed, “China dumping titanium products in Indian market has made it difficult for Indian companies to operate.”

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The mining industry faces cost and regulator challenges that impacts high excise duties on ilmenite. This results in the loss of revenue and opportunity cost for emerging industry, adds VV Mineral Vaikundarajan.

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V Subramanian further added, “In the absence of any anti-dumping duties, a high excise duty cost was making the product lines furthermore unviable. This leads to not just loss of revenue and opportunity cost for the emerging industry, but also underestimates the potential of a sector which could yield nearly Rs. 30,000 crore in annual turnover and correspondingly, loss of tax revenues for central and state governments.

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India has a huge replenishable resource of beach sands. It contributes to about 30% of total global reserves of premium heavy minerals and rare earth elements.

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“Unfortunately, India accounts only a 3% share in the global heavy minerals market. By setting up a timely process to authorize the lease, India can unleash a whole new economic paradigm as far as the mining sector is concerned,” VV Mineral Vaikundarajan explains.

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