We hosted the first Seminar under the Brookings India NFM&MIN work program, titled “Economic Development through Efficient and Sustainable Non-Fuel Mining” delivered by Tom Mills, Director and Head of Research of Two Oceans Strategy, U.K.
Abstract: India’s non-fuel mineral assets present an opportunity for revenue generation, employment, and mineral self-sufficiency, with the potential to benefit both current and future generations of Indian citizens. However, due to the unique economic, political, social and environmental characteristics of the non-fuel minerals sector, the potential has not yet been fully realised.
Considering the renewed interest in developing this sector, as illustrated in the 2019 National Minerals Policy, this lecture firstly aims to provide an overview of the distinct economic characteristics of the non-fuel mining industry. Building on this foundation, the discussion intends to explore how the social and economic benefits of non-fuel mining projects may be multiplied through linkages to other sectors both at the domestic and global level. Having outlined the potential advantages, the third section will present the socio-economic risks inherent in mineral extraction and their redressal by adopting international standards and good practices. The final section will present a forward-looking view of global trends which will impact India’s development of its non-fuel mineral assets.
Speaker: Tom Mills is Director and Head of Research at Two Oceans Strategy, a natural resource focused risk, sustainability and research consultancy. Tom has worked in the mining and energy sectors, delivering consultancy, development and research projects related to governance, geo-economics and political economy analysis of natural resource industries for the European Bank for Reconstruction and Development, the World Bank, ADB, DFID and a range of investors.