Union Coal Mines Minister G Kishan Reddy has said the Centre will set up a mineral trading exchange similar to the London Metal Exchange. Interacting with the media in Hyderabad, he stated that the mineral exchange will be established in accordance with SEBI’s norms.

The proposed mineral exchange is expected to facilitate better price discovery for industries, traders and other stakeholders. He elaborated that the mineral exchange was made part of recently passed legislation and the guidelines concerned will be issued soon. On the US Tariffs, he said they will not have much impact on the domestic coal industry.

He further said the country exports aluminium to America in a small measure. Mr Reddy said the government had reduced coal imports substantially, saving foreign exchange to the tune of 60 thousand crore rupees.

He explained that 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 will reduce dependence on imports.

Observing that the government is making efforts to export coal, he said production of coal and iron ore will be enhanced on a large scale.