-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 ,...
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Orissa to renew MoU with Posco India by July end
-The Business Standard Even as the process of renewal of Memorandum of Understanding (MoU) with Posco India has been hit by delay presumably due to the contentious issue of Iron Ore swapping, the Orissa government has maintained that the pact would be renewed by the end of this month. “The process of renewal of MoU with Posco India is on. The pact will definitely be renewed by the end of July....
More »Black money: Justice MB Shah to be SIT vice-chairman by Nikunj Soni
A retired judge of the Supreme Court and former chief justice of Bombay high court, Justice MB Shah, will be the vice-chairman of the Special Investigations Team (SIT) constituted to monitor the probe into black money stashed abroad. The SIT will be chaired by former Supreme Court judge, Justice BP Jeevan Reddy. A direction to this effect was issued by the Apex court, on Monday. A bench of the Supreme Court...
More »Share 26% royalty, not profit: Govt’s U-turn on mining by Priyadarshi Siddhanta
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...
More »Tactical retreat by Prafulla Das
The Orissa government suspends the land acquisition for the Posco project in the face of stiff opposition from the people. SIX years ago, when the South Korean steel giant Posco arrived in Orissa with the biggest ever foreign direct investment that had come the country's way, it was expected to help rid the economically backward State of its ‘poor' tag and bring prosperity. Posco had won the $12 billion deal at...
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