The minister for environment and forests, Jairam Ramesh’s order stopping Vedanta Aluminum Ltd and the Orissa Mining Corporation from mining bauxite in the Niyamgiri Hills to feed the company’s adjacent Lanjigarh aluminum refinery plant located in one of the country’s poorest districts in the name of tribal interest tends to miss the wood for the trees. It is based on the report of a four-member expert group under N C...

Amid a furore over 26 per cent profit-sharing with locals under the proposed new mining law and demands for watering down the provision for PSUs, the Mines Ministry today said its final draft will go with the recommendations of the Group of Ministers. "Based on the discussion of the Group of Ministers (GoM), the final draft of the new mining bill is being prepared by the Mines Ministry and will be...

Existing and prospective industry and mining players of Jharkhand are apprehensive about the draft mining bill, which seeks to make them share 26 per cent of profits with locals. A group of ministers (GoM) approved the draft bill on September 17. Speaking to The Telegraph, Jindal Steel & Power Limited’s (JSPL) senior deputy general manager (corporate affairs) V.P. Sharan said: “The proposed clause — sharing profits with local people — sounds...

It approves 26 per cent share in profits for local people The draft bill proposes setting up of a fund to pay beneficiaries Final legislation likely to be introduced in the winter session of Parliament The Group of Ministers (GoM), headed by Union Finance Minister Pranab Mukherjee, on Friday approved the new Mining Draft Bill, including the provision that mining companies share 26 per cent of profits with local people affected by their...

The Group of Ministers, headed by Finance Minister Pranab Mukherjee, on Friday cleared the draft mining bill, which makes it mandatory for miners to share 26 per cent of their profits with the people affected by their projects. “It is largely approved. One more sitting of the GoM remains, and after which it will go to the Cabinet. Whatever we have suggested has by and large been approved,” Union Minister for...