Table 7.7 Statistics of Major Mineral Resources in India in 2005
2) Mining management institutions.
The management of mineral resources in India involves many government departments, including the Ministry of Mining, the Ministry of Steel, the Ministry of Oil and Gas, etc. Among them, the Ministry of Mines is the administrative agency of the Indian government to manage mineral development. Mainly responsible for the investigation and exploration of all minerals except oil and natural gas, the mining and smelting of nonferrous metals such as aluminum, copper, lead and gold, and the administrative law enforcement of minerals listed in the Indian Mining and Minerals Act (except coal).
A. Ministry of Mines. In 2003, India's former Ministry of Coal and Mining was renamed the Ministry of Mining. Its main tasks and responsibilities are: to be responsible for the legislation of mines and mineral development and standardize the development of mines and mineral resources; Manage all metal minerals and ores that are not clearly managed by other ministries and commissions, such as nonferrous metals; Responsible for all industrial development planning, development, control and auxiliary work related to the Ministry of Mining. The Ministry of Mines consists of the Indian Bureau of Mines (IBM) and the Geological Survey (GSI). In addition, the Ministry of Mines is also responsible for the management of Indian Mineral Exploration Company, National Aluminum Company Limited and Hindustan Copper Company Limited, and participates in the management of Bharat Aluminum Company Limited, Hindustan Zinc Company, Sikkim Mining Company and Bharat Gold Mine Company Limited as the representative of national investors.
B. ministry of oil and gas. India's Ministry of Oil and Gas consists of five departments: management, exploration, refining, marketing and finance. The main functions of the Ministry of Oil and Gas are: to explore and develop oil and gas resources; Production, supply, sale and pricing of petroleum (including natural gas and petroleum products); Crude oil refining; Production of additives for petroleum and petroleum products; Plan, develop, adjust and help all related industries involved in this department; Planning, development and standardization of oilfield services; Manage the implementation of relevant laws, etc. In addition, the department in charge of oil and gas in India also has the Oil and Gas Commission, also known as the National Oil Company of India. This is a national oil company that explores and produces oil and natural gas in India. Established on 1956. Its main tasks are: exploration and production of oil and natural gas, as well as crude oil refining, distribution, sales, import and export, etc.
3) Overview of main metal mineral resources.
Generally speaking, India's mineral resources are relatively complete, ferrous metallurgical mineral resources are in good condition, non-ferrous metals are poor, and agricultural mineral resources are lacking.
India is rich in iron, manganese, aluminum, copper, nickel, lead, zinc, chromium, titanium, magnesite, beryllium, zirconium and gold. Among them, the reserves of rutile, barite and wollastonite rank second in the world, and the export volume of iron ore ranks third in the world. The reserves of rare earth ore, chromite and ilmenite rank fifth in the world, and the reserves of manganese ore rank sixth in the world.
However, India depends on the import of copper, lead, zinc, tin, phosphorus, sulfur and potassium to varying degrees. Phosphate ore resources are mainly lean ore, and sulfur and potassium ore resources are in short supply, which is difficult to meet the demand of chemical fertilizer production. Except for some lean ores mined by phosphate ore, sulfur and potassium ores are totally dependent on imports.
4) Mining investment environment.
India is a federal country with a federal and state budget system. Accordingly, India's tax revenue is divided into three levels: central government, state government and urban and rural government. Most of India's tax management power is centralized by the federal government, and only certain tax power is granted to States. Contrary to the tax structure of income tax in developed countries, as a low-income developing country, India implements a tax structure with indirect taxes as the main body, and indirect taxes are the main part of government revenue. The so-called indirect tax mainly includes commodity tax, customs duty, sales tax, traffic tax and special commodity tax. Of course, the government also collects direct taxes, including income tax, corporate tax, property tax, interest tax and land income tax.
In recent years, in order to develop the economy, create a good mining investment environment and promote enterprise investment, the Indian government has greatly reduced the corporate tax rate. The tax rates of domestic companies and foreign companies have dropped from 46% and 55% in previous years to 35% and 48% at present. In order to protect domestic gold mine production, the import tariff of gold bars has been greatly increased, from $5.88 per 10g gold bar before 1999 to $9.4. At present, there is a big funding gap in Indian mining industry. According to the analysis of relevant personages in the industry, the main investment opportunities of Indian mining industry are the business fields of producing and developing surplus commodities, including iron, bauxite, mica, potassium salt and some low-grade minerals; Rare metals such as gold, diamonds, copper, lead, zinc, nickel, cobalt, molybdenum, tin, tungsten, silver, platinum and manganese, and mineral deposits discovered by modern technology.