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India's wasted potential

India’s annual gold production of around 1.6 tonnes has always looked pretty measly for a country that accounts for around 25% of global gold demand. Though not lacking in geological potential, India’s mining sector has become a cautionary tale for governments looking to make a quick buck out of eager international players. Rio Tinto decided to shelve its Bunder diamond project mid-2016 after attempting to navigate regulatory hurdles for more than a decade; now only a few international miners remain, and another looming regulatory change looks set to kill off the country’s private exploration sector for good.

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India has become a no-go country for foreign mining investors

India's mining ministry proposed a series of legislative changes on August 24 that will effectively mean around 500 exploration licenses currently held by private players being expropriated and