April 10, 16
(IDEX Online News) – For the first time, diamond mines in the Panna district of Madhya Pradesh will bring out notices inviting tenders, according to a report in The Economic Times.
Mines Secretary Balvinder Kumar said that the government will shortly release notices inviting tenders (NIT) for the mining lease by next week, and that the tender process will take an additional three weeks.
To-date, the only organized producer of diamonds in India is the state-run iron-ore miner NMDC from its Majhgawan mine at Panna, which produces around 81,000 carats annually.
Madhya Pradesh is thought to contain deposits of ~10.5 million carats of diamonds, with Panna’s estimated reserve approximately 976,000 carats.
In February, India auctioned its first gold mine, and other mines bearing minerals such as iron ore, bauxite and limestone are also thought to be considered for auction.
