India’s Parliament Passes Bill to Auction Mines

Reuters reported India’s parliament passed two bills to auction mines that produce minerals such as coal, iron ore and bauxite.

As quoted in the market news,

The Mines and Minerals Development and Regulation, and Coal Mines Special Provisions bills were seen as a test of the government’s ability to secure support from opposition parties in the upper house of parliament where the ruling Bharatiya Janata Party (BJP) lacks a majority.

The coal bill, however, will allow the government to continue auctioning off mines under a process that began last month after the Supreme Court cancelled more than 204 mines calling a previous method of selective allocation illegal.

Click here for the full Reuters report