Mines Ministry proposes raising funds abroad for Exploration Cos

Concerned over inadequate fund flows into the mining sector, the Mines Ministry has proposed allowing domestic exploration firms to raise funds abroad by listing equity-linked securities.

The Ministry of Mines has also suggested facilitating venture capital investment and listing of early stage exploration companies.

“Venture capital flows to be facilitated by bringing concepts of flow through shares, alternate platform for listing of early stage exploration, allowing Indian exploration companies to issue GDRs without prior testing in India,” the ministry said outlining its long-term goal for raising investment in mining exploration.

A group has already been formed to make recommendations on the issue.

“Investments in exploration are still grossly inadequate despite the geological potential.

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