VV Mineral, India is a heavy mineral mining company based in Tamil Nadu. In a recent interview with the Financialexpress.com, the managing director of the company Mr. V. Subramanian spoke out about the industry and how it needs policy intervention from the Government so that there is no wastage of minerals in India. The heavy mineral mining industry has not flourished in India due to stringent government norms and lack of understanding in terms of importance of this sector.
When asked why the industry is still at this nascent stage, Mr. Subramanian replied explaining how this industry has been open to private miners fairly recently, which is 1998. It takes a while to set up a huge sector and Heavy Mineral mining has not reached that stage because it is quite new.
He added further, “There is a demand-supply mismatch as we are unable to exploit our mineral wealth in a sustainable manner. For example, although India holds 35% of global ilmenite reserves (more than 500 million tonnes); annual production is only about 800,000 lakh tonnes. Similarly, India has 71% of world monazite reserves, but regulatory caps prevent high production.”
He believes that India needs to come up with a new coherent policy that will give impetus to this nascent industry so that self-sustainability is achieved through less export duty and technology transfer for processing the heavy minerals.
VV Mineral, Mining is the premier company in this sector and has achieved great success since its inception. There is huge scope for this industry to grow even further, but the constraints from the Government are hampering this process.