Govt passes executive order to auction minerals such as iron ore

The government passed an executive order on Monday to allow the auction of minerals such as iron and bauxite, an official said, bringing it in line with the policy for coal to help arrest a fall in output and cut imports.

The government used to hand over mining licences to firms without competitive bidding, leading to complaints of illegal mining and inviting judicial curbs that have choked an industry that contributes nearly 2 percent to Asia's third-largest economy.

(Reuters)