Mines ordinance News

Steel makers on Wednesday welcomed mines ordinance while some core mining firms alleged that unfair treatment has been metted out to them by giving just 5-year lease extension for non-captive mines.

The logjam in the mines sector is expected to be cleared with the promulgation of an ordinance by the President that provides for auctioning of mines containing iron ore and others besides provision for up to five years of imprisonment for illegal mining.

The Union Cabinet on Monday cleared mines ordinance, that would pave the way for auction of iron ore and other minerals as proposed in the Mines and Minerals (Development and Regulation) Bill.