For non-coal firms, amount will be equivalent to their royalty The Union Cabinet on Friday approved the landmark Mines and Mineral Development and Regulation (MMDR) Bill, 2011 that provides for mining companies to keep aside 26 per cent of their net profits for a Mineral Development Fund to be used for the development and rehabilitation of project-affected people in tribal areas. For the non-coal companies, the amount will be equivalent to...

The Mines and Mineral Development and Regulation (MMDR) Bill, 2011 approved by the Union Cabinet on Friday aims to ensure transparency, equity, elimination of discretion, effective redress and regulatory mechanisms along with incentives encouraging good mining practices, which will lead to technology absorption and exploitation of deep seated minerals. The menace of illegal mining in Karnataka and Goa continues unabated despite strong outrage against it. As many as 82,000 cases were...

In March this year, the Central Bureau of Investigation (CBI) raided the houses and businesses of a few top industrialists in Dhanbad, Jharkhand, home to one of the subsidiaries of India's biggest coal miner, Coal India (CIL). Dhanbad is more widely known in popular imagination as home of the infamous 'coal mafia', which spread a reign of terror across the coal mining districts of the then undivided Bihar in the...

Orders Environment Impact Assessment study in the area The Supreme Court, which earlier suspended mining operations in the Bellary area, on Friday partially lifted the ban and allowed the public sector National Mineral Development Corporation to undertake mining in two leases to cater for the domestic market. The Forest Bench of Chief Justice S.H. Kapadia and Justices Aftab Alam and Swatanter Kumar, however, rejected the plea by a private Miners' association that...

-The Business Standard   Allaying Miners' apprehensions, Coal India today said the 26% profit sharing clause in the proposed Mines and Minerals (Development and Regulation) Act will help mining firms ensure more production. "The proposal had some impact on the stocks. But, people have now realised that with this, land availability will go up and with that, production," Coal India Chairman NC Jha said. Coal India, the country's largest coal miner, is expected...