India is set to auction off a diamond mine for the first time, according to a Reuters report that cited India’s mines secretary Balvinder Kumar.
The Indian state of Madhya Pradesh in the center of the country plans to float tenders for the auction of the 136-hectare Hatupur block, with the process likely to be completed in “about forty days,” according to the report April 8. The mine has 604,336 tonnes of mineral resources.
India has begun a program of auctioning mines as it aims to boost local output of minerals and reduce expensive imports. Vedanta successfully bid for the first gold mine to come under the hammer in February. Rio Tinto is currently developing the Bunder mine in Madhya Pradesh.