While addressing a recently-held Mining Summit of Federation of Indian Mineral Industries at Agra, the Union Mines Secretary Mr. Shantanu Consul said that India lags far behind other mineral rich countries in attracting investments for exploration. He said that the country's spending in mineral exploration is around 0.5 percent of the global expenditure, whereas Canada and Australia account for 19 percent and 12 percent respectively. He further said that there has been a record global expenditure in exploration of 10.5 billion dollars in 2007 according to a Metals Economics Group report. The total value of mineral production has touched about 23 billion US dollars in 2007-08, exploration and mining of base metal minerals and precious minerals have not received high priority.
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