India miners rally as cabinet approves mineral exploration rules
Shares of Indian miners rallied after the cabinet approved a new mineral exploration policy that will cut the time needed for companies to get permission for exploration and allow them to receive royalties.
Deccan Gold Mines Ltd., the only listed gold miner, rallied 20 percent to a level not seen since August, while state-run iron ore miner NMDC Ltd. headed for the highest close since May. Vedanta Ltd. and Hindalco Industries Ltd. also rose.
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