A Favorable Change Is Needed For The Mining Industry

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A favorable change is needed for the mining
industry
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Ilmenite reserves in India are in abundance along
the beach coast. It is estimated to be around 348
million tonnes.
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In India ilmenite accounts for about 24.85 per
cent of the global reserves, which are estimated
at around 1,400 million tonnes but,this is just
6 of total worlds ilmenite production. However,
the bulk of ilmenite reserves in terms of
titanium dioxide percentage is inferior compared
to those occurring worldwide.
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Given the amount of ilmenite reserves in India if
utilized to the optimum level can reap great
benefits. This can only happen with suitable help
from the government.
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One problem that continues to come in way of
exports of minerals is taxation. The Ministry of
Finance levies 10 per cent export duty on the
sale of unprocessed ilmenite and a five per cent
export duty on upgraded ilmenite. This adds to
the cost and lead to unfavorable trade conditions
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Technology plays a very important role in the
production of ilmenite. In India technology is a
barrier and discourages adoption of new and
efficient methods. Moreover, power tariffs are
not reasonable which again lead to increased
costs for companies like VV Minerals
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All these situations are a barrier to the mining
industry. Private companies like VV Minerals have
to suffer because of this
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VV Minerals, one of the major exporters of
ilmenite has been into this business for quite
long and it seems like nothing has changed over
the years. A new shift needs to come in to foster
this industry
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When India is bestowed with such valuable
resources then it is better that these resources
are utilized to the optimum value to give our
country benefits out of it. For this to happen
the Government will have to extend its support to
the private Companies like VV Minerals and create
a favorable trade situation
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VV Mineral Blogs
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THANK YOU