Mines & Minerals Act in for a revisit

“‘The ministry of mines is preparing the proposed amendments to be tabled in Parliament within 100 days,” said  Union Ministry of Steel Secretary P K Rastogi.

Stating that some steel manufacturing units were facing raw material problems, he said the amendment bill was likely to be tabled during the winter session of Parliament.

“Encourage value addition and discourage export of iron ore will be the policy as the country aims at producing at least 120 mt steel by 2012,” Rastogi told reporters on the sideline of an international convention on clean, green and sustainable technologies in iron and steel making here.

He said allotment of raw materials like iron ore and coal to existing industries was a priority for the government while the proposed units could wait for the raw material linkage.

Besides value addition, Rastogi said the proposed amendment would also stipulate maximum of six months period for completion of hearing on application for mine lease and royalty on iron ore to be fixed basing on ad-valorem basis.

Stating that several factors like land, water, coal, raw material linkage and displacement were hurdles before some mega projects, Rastogi said the country could expedite its steel production by expanding capacity of several existing units.

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