Mineral concession amendments to raise availability, ease pricing pressure

Major changes to mining industry include allowing part surrender of mines, permitting sale of up to 50% of minerals by captive owners and easy transfer of mines

In a bid to strengthen ease of doing business in the domestic mineral sector, the Centre has amended the Minerals Concession Rules, 2016, in a notification, introducing four major changes to the mining industry such as allowing part surrender of mines, allowing the sale of up to 50 per cent of minerals by captive owners and easy transfer of mines.

Effective November 2, 2021, these amendments will be called Minerals Concession (Fourth Amendment) Rules, 2021, said the Ministry of Mines notification.

In any lease, where the mineral is required to be used for captive purpose, the lessee may sell up