The Union mines ministry is working on a proposal to extend the validity of merchant mining leases due to lapse by March 2020, by another three years.
If the latest government plan falls in place, merchant miners will get a reprieve. Earlier, Federation of Indian Mineral Industries (Fimi) had suggested to planning think-tank Niti Aayog to extend the validity of the merchant leases by 10 years till 2030, co-terminus with the captive mines. Fimi's suggestion was stoutly contested by steel and other end-use industries. They argued there was no case for extending the leases since merchant miners got ample time to prepare their mines for auctions after the amended Mines and Minerals- Development & Regulation (MMDR) Act, 2015 was promulgated.
“The (Mines) ministry is considering an option to extend the leases. The ministry is receptive to some genuine concerns on the anticipated raw material crunch after the merchant mines go offline. Moreo
TO READ THE FULL STORY, SUBSCRIBE NOW NOW AT JUST RS 249 A MONTH.
Subscribe To Insights
Key stories on business-standard.com are available to premium subscribers only.Already a BS Premium subscriber? Log in NOW
What you get on Business Standard Premium?
- Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
- Pick your 5 favourite companies, get a daily email with all news updates on them.
- Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
- Preferential invites to Business Standard events.
- Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.