Mining law: Ordinance to open exploration to pvt firms.

A day after confusion over the reported clearance of the mining laws ordinance by the Union Cabinet, senior government officials told Business Standard it had been approved recently but with a few significant changes from the Bill in question.

The changed regime will allow awarding of multiple reconnaissance permits to public and private companies in the same area under an ‘Open sky policy’ and setting up a National Mineral Exploration Trust (NMET). These are in addition to introduction of auctioning and provisions for benefit sharing with project-affected locals.

The ministry plans to quash the 60,000-odd applications for mineral concession and renewals pending at the state level, before starting the auctioning of minerals, except in a few cases where action is in progress.

BS