Centre to set up mineral trading exchange, says Union Minister Kishan Reddy

Union Coal and Mines Minister G Kishan Reddy

Union Coal and Mines Minister G Kishan Reddy on Saturday said the Centre would set up a mineral trading exchange similar to the London Metal Exchange.

In a media interaction, he said the mineral exchange would be established as per the norms of SEBI.”Like the London Metal Exchange, we are going to set up a mineral exchange in India,” he said.The proposed mineral exchange is expected to facilitate better price discovery for industries, traders and other stakeholders.Mineral exchange was made part of recently-passed legislation and the guidelines concerned would be issued soon, he said.

Asked if the US tariffs would have any impact on the domestic coal industry, he said it would not be much. He further said the country exports aluminium to America in a small measure.Reddy said the government had reduced coal imports substantially, saving foreign exchange to the tune of Rs 60,000 crore.The steel-makers in the country have boilers built for using good quality imported coal, but the government is requesting private steel companies to calibrate the boilers to use Indian coal, which would reduce dependence on imports, he said.

Observing that the government is making efforts to export coal, he said production of coal and iron ore would be enhanced on a large scale.Prime Minister Narendra Modi has recently directed that iron ore be exported, Reddy said, adding that the government is also making efforts to increase production of aluminium.