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08/12/2009

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I agree that it would be awesome to have more foreign companies involved in mineral exploration in India. However, the sheer amount of bureaucratic BS that companies would have to go through to get permits, etc would overwhelm most people including Indians !!

There is a huge amount of undiscovered &/or unexplored mineral potential in India, but getting access is whole different ball game. For instance, historically India has probably only mined VG visible gold - the rest was dumped as waste. Most of these "waste dumps" are probably economic on their own !!

Currently, the GSI doesn’t even allow access to their raw data - you can’t even buy it from them - they’ll provide maps that they’ve created based on the data, but you can’t get the data itself.

India requires major reforms to their mining policies as well as their government policies if they hope to attract & keep foreign investors long term.

In addition to the investment funds, Australian and Canadian companies can bring technologies and expertise in the mining industry and provide lots of jobs for India - both direct and in spinoff development. Not everyone in India can be a software engineer and the trade jobs and support companies that would be developed for these endevors will benefit India long into the future.

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