Exports of iron ore declined by about 22 per cent to 25.2 million tonnes in April-July due to the ban on its shipments from Karnataka, industry body FIMI today said.
Steelmakers and mine owners, reeling under a ban on mining in Karnataka, are keeping their fingers crossed about the Supreme Court hearing scheduled on Friday.
FIMI claims it will affect miners to the tune of Rs.15,000 cr The Union Mines Minister, Dinsha Patel, on Monday said the landmark new draft Mines and Mineral Development and Regulation Bill, 2011, which provides for profit sharing and royalty provision for affected people, would be sent for approval of the Union Cabinet within a fortnight. The Group of Ministers (GoM) headed by Finance Ministe
In a sudden U-turn, the mines ministry has decided against asking miners from mandatorily sharing 26 per cent of net profits with the affected local population. Instead, it has proposed that miners set aside 26 per cent of the royalty they pay to states for sharing with locals.
This dramatically changes what locals will get if the proposal becomes law.
Iron ore and coal prices see robust rise due to growing demand
The government is reworking the controversial profit-sharing clause in the proposed mining Bill by aligning it with the value of minerals instead of levying a uniform rate, to lessen the burden on a few mining companies.
The Union government may make it mandatory for coal mining companies to spend a part of their net profit on the welfare of local people affected by the activities.
The move, a part of the competitive bidding guidelines being framed by the coal ministry, is in line with the ongoing wave of policy decisions aimed at integrating land losers in development projects within the broader
The government is willing to part finance domestic companies in their global bid for the Hajigak iron ore mine in Afghanistan given the strategic importance of the war-torn country for India.
