Indian mineral industry code (IMIC). For reporting exploration results, mineral resources and mineral reserves / Кодекс горнодобывающей промышленности Индии (IMIC)

The declaration of National Mineral Policy 2008, amendments to MMDR Act 2015, and recent reforms in mining legislation viz. MEMC Rules 2015, National Mineral Exploration Policy 2016, Mineral Auction Rules 2015, NMET Rules 2015, and Mineral Concession Rules 2016 etc. were primarily aimed at attracting private investment and the latest technology in the mineral sector, assurance of uniform lease period, dealing with low exploration expenditure and eliminating procedural delays. However, despite these efforts, India was not successful in this regard. The geological/ resource reports provided to the prospective bidders on the auctionable blocks were not sufficient to take definitive investment decisions, as the information provided was primarily on the geological axis (that too G4/ G3 level) and does not deal with the modifying factors required in detail for financial evaluation and deposit valuation. Technical feasibility and economic viability studies of a deposit will ensure that sufficient exploration data inputs are available for making necessary assumptions to present a pre-feasibility/ feasibility report. Such studies will also enhance the confidence in the reports and valuation of the auctionable blocks and in turn help the government maximise economic value from the auctioned mineral blocks. <...>