The illegal mining issues due to which Supreme Court had to intervene this year remain a cause of concern for non ferrous metals by and large. The mining in India has been dismal. Lack of Greenfield expansions and little focus on research keep Indian mining at the back seat. Much recently in March, in its recent order the Supreme court had cancelled lease renewals of 88 mines and asked the government to initiate steps for grant of fresh leases.
The SC order also directed mining companies to stop operations from March 16. As per the Mineral Conservation and Development Rules (MCDR) 2017, there are two types of mines closure plans: Progressive and final. Under the progressive mines closure plan, mining companies have to undertake reclamation and rehabilitation even while the mine is in operation and is a continuous series of activities starting from day one of the initiation of mining project.
In the case of the final mines closure plan, mining companies have to submit their plan two years before the intended date of closure. India is the world fastest-growing major economy. Gross domestic product or GDP grew 7.2 per. Potential in infrastructure will therefore be keeping mine side drawbacks under check. This will have a positive impact on the prices of majors like Copper, Aluminium, Lead and Zinc. All these commodities marked a significant rise in the month ending March 2018.