Mr. Vaikundarajan Subramanian, VV Minerals Managing Director, recently discussed about private players having appropriate funds and infrastructural assets to be a part of the monazite mining. The government does not allow private firms to mine monazite as it is a rare mineral. If the government did allow private players to extract monazite the precious mineral will not be so easily wasted.
Monazite is a radioactive mineral easily found in the southern coast but not used by the miners in India. This mineral, is only extracted by government mining agencies like the Indian Rare Earths Limited (IREL). The commercial importance of Monazite is much higher than the other heavy minerals found in this area.
As the Indian Government has strict regulations against private companies from participating in the Monazite industry, there is little scope for the industry to grow. Added to that, lack of funds from the government, mining firms from the government lack any impetus to explore mining expansion plans. On the other hand, even with the necessary funds available are not permitted to contribute.
Due to an industry shut down since 2012, the country has lost forex amounting to Rs. 10,000 crore. Mr Subramanian would also speak about the 10% export duty on heavy mineral mining levied on Indian mining companies. Such taxes affect the bottom line of mineral producers in India. On a world stage, countries with lower export duties are able to flourish more.
In the last few months, aside from the baseless implications of VV Mineral being involved in the thorium scam, another allegation flying around is the implication that the natural radioactive minerals found on the Indian southern coastline, principally in the states of Kerala and Tamil Nadu, may cause cancer to the people around. This is another unfounded lie, as the minerals found do not cause excess cancer risk to people living in the area.
VV Mineral is a private mining company that is in the business of rare earth’s mining. VV Mineral’s members of the management committee include, S Jegatheesan, J Muthurajan and V Subramanian.