NEW DELHI (Commodity Online): Canada is eyeing Indian mining sector for investments and the Canadian Chamber of Commerce wants India to unveil its new mining policy soon.

It has urged the Indian government to bring a new mining policy to attract foreign direct investment in the sector.

India must announce its new mining policy soon. The policy should be based on security of tenure, and ensures sustainable development, global reporting initiative and mining infrastructure development, it said.

Meanwhile, NYSE-listed Canadian industrial equipment auctioneer Ritchie Bros Auctioneers is investing $20 million for its India foray. Set up in 1958, the company currently operates in about 110 locations across 25 countries with 39 auction sites.

As part of its India plans, Ritchie Bros is looking to set up multiple auction sites with the first one coming up at Hyderabad. The company, through unreserved public auctions, sells a broad range of used and unused industrial assets including equipment, trucks and other assets used in construction, transportation, agriculture, material handling, mining, forestry, petroleum and marine industries.

Last year, the company reported revenues of about $3.5 billion with a profit of about $350 million.

The company’s first auction in India would be in Hyderabad on September 25, following which it would spread to five more locations — Delhi, Mumbai, Kolkata, Chennai and Bangalore.

Ritchie is planning to operate the Hyderabad auction centre on a temporary basis. However, once its revenues go up to $20 million, the company would look at setting up a permanent auction centre.

Indian used-equipment market is currently estimated at about Rs 2,500 crore. It is estimated that the asset purchases by the Indian construction, mining, shipping and transport industry would be about Rs 50,000 crore every year and a sizeable portion of it is expected to come up for auctions at the used equipment auction centres.

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