The amendment is expected to mop up revenue of Rs 2,500 crore for the state government this fiscal, resulting in the additional revenue mobilisation.
The cabinet meeting held this week approved the amendment, which will be tabled on the floor of the House during the ongoing state Assembly session.
In the past, the state government had not been renewing the mining leases, letting it run on the deemed provisions.
The cabinet decided that mining firms will have to pay 15 per cent of royalty sum, that it is expected to be earned from lease for next 20 years. The period of renewal is for 20 years.
Chief minister Manohar Parrikar said the government will renew only those leases which will have proper clearances from various authorities.
Goa exported 43 million tones of iron ore during last fiscal, bringing in a royalty of Rs 900 crore.
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