RV Gumaste, a member of Kirloskar’s project team that set up Bellary’s first iron-making unit in 1994, has never seen such times since he first moved base from Pune 17 years ago. “We will take the burden for our regular employees for some time. But how long?” says the industry veteran, who was appointed Managing Director of Kirloskar Ferrous Industries Ltd in July 2003. The Rs 1,100-crore company has 800...

After sliding a mile backward into a morass, Karnataka'smining sector has just been shoved a metre forward. Since it has taken an almighty effort by the judiciary and a quasi-judicial body, the Lokayukta, to accomplish even this much, what hope is there for a sector that is vital for Karnataka's and India'sindustrial development?? Will the sector - represented by mining firms, traders, transporters, government agencies - slide back deep into...

-The Economic Times   A group of ministers formed to approve the draft mining Bill, has agreed to earmark 100% of the royalty paid by major mineral mining companies , to compensate people displaced by such projects. The panel, chaired by finance minister Pranab Mukherjee , which met on Thursday , also agreed to earmark 26% of the profit made by coal mining companies, in favour of people directly affected ,...

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. For example, for a tonne of iron ore which costs about...

-The Hindu   Blocks not actually within the biodiversity-rich region, he says Stage-I forest clearance granted to three blocks in the region Ramesh over-ruled advice of his own Forest Advisory Committee to grant approval The bastion of Hasdeo-Arand has finally been broken. One year after saying that the coalfields of this heavily-forested, mineral rich region of Chhattisgarh would never be open to Miners, Environment Minister Jairam Ramesh has finally granted a stage-I forest clearance to...