The mines ministry is understood to have approached the law ministry to ascertain whether the proposed National Mineral Regulatory Authority (NMRA) could be empowered to review the envisaged profit-sharing formula.
According to the proposed formula, which the mines ministry had inserted in the initial Draft Mines and Minerals (Development & Regulation) Bill, 2010, miners will be mandated to sha
Unfazed by opposition from the mining community, mines minister B K Handique today said the recommendation mandating them to share 26 per cent of their profits was irrevocable, saying the government was committed to ensuring inclusiveness of the people in the mining areas.
In a move aimed at dissuading the mining community from profiteering and virtually regulating the royalty system on iron ore, the Centre is likely to seek the Parliament
The government is considering a proposal to make it mandatory for companies like Vedanta Resources and ArcelorMittal to offer shares to those displaced by their future mining projects. But the move is being opposed by the industry.
THE government is considering a proposal to restrict mining by private sector companies in tribal areas, in a move that could severely impact investments of domestic and foreign majors such as Rio Tinto, BHP Billiton, Vale, Sesa Goa and MSPL.
DILIP KUMAR JHA / Mumbai November 24, 2009, 0:15 IST
India exports 100 million tonnes of iron ore to China.
The Federation of Indian Mineral Industries (Fimi), the apex representative body of mining companies, has urged the government to vary the royalty rate for iron ore based on the content.
