The Government of Himachal Pradesh on February 29, 2024, notified the Himachal Pradesh Mineral Policy, 2024. The policy has been framed with the vision to enhance the revenue collection of the State while curbing illegal mining activities.
In exercise of the powers conferred by clause (jj), (jk), (jl) and (jm) of sub-section (2) of section 35read with Section 16A of the Offshore Areas Mineral (Development and Regulation) Act, 2002 (17 of 2003), the Central Government hereby makes the following rules, namely: These rules may be called the Offshore Areas Mineral Trust Rules, 2024.
The Ministry of Mines on February 20, 2024, issued the Minerals (Other than Atomic and Hydro Carbons Energy Minerals) Concession (Second Amendment) Rules, 2024, to further amend the Minerals (Other than Atomic and Hydro Carbons Energy Minerals) Concession Rules, 2016.
The Ministry of Mines has introduced significant amendments through the Minerals (Evidence of Mineral Contents) Amendment Rules, 2024. These changes, effective from the date of publication in the Official Gazette, aim to enhance regulations under the Mines and Minerals (Development and Regulation) Act, 1957.
The centre has notified changes to the Mineral auction rules which cap the upfront payment at Rs 500 crore while also baring affiliates from bidding for the same block. Bids placed by affiliates of companies who have explored a block being auctioned will be made public to ensure a level playing field for other bidders.
In a significant development, the Ministry of Mines has recently amended the Offshore Areas Mineral (Development & Regulation) Act, 2002 [OAMMR Act], effective from August 17, 2023.
The Ministry of Mines has proposed changes to the Mineral (Auction) Rules, 2015, to cap the amount of performance security and upfront payments payable after winning the rights to extract minerals. The move addresses concerns regarding financial barriers the might impede bidder participation in auctions of critical minerals.
