Government plans venture capital fund for prospecting mines
November 14th, 2009 - 10:22 pm ICT by IANS ( Leave a comment )Kolkata, Nov 14 (IANS) The steel ministry is in talks with a financial institutions to promote a venture capital fund for funding the prospecting of iron ore mining, Steel Secretary Atul Chaturvedi said here Saturday.
“Prospecting of mines, which is the first step towards mining, is a high risk venture and unless there is certainty in conversion of prospecting licence into mining licence, it is difficult to attract investment to this sector,” Chaturvedi said here at a seminar.
Prospecting is an expensive venture that requires risk capital, he added.
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Tags: atul, chaturvedi, conversion, financial institutions, high risk, iron ore mining, risk capital, risk venture, steel ministry, venture capital fund
