Thursday, 26 June 2014

The Mining Regulations To Be Renewed Soon

Beach Mineral Mining
The newly elected NDA government is on the verge of preparing a new board for an updated industry-friendly law for the mining sector. This will be done first by scrapping the unpopular policies by the UPA government in 2011 which were not very beneficial to the miners. This bill which was passed in 2011 makes it mandatory for miners to share their profits. The mineral output of the country has been shrinking significantly in the past few years because of ban on mining activities in states like Karnataka Goa, Odisha and Tamil Nadu. In Tamil Nadu, the heavy mineral mining industry has hit a hard blow because of the delay in the investigation processes of the state government.

VV Minerals, the leading beach mineral mining company, which is privately owned by Mr. S. Vaikundarajan  is also one of the private companies that has suffered grave economic losses.

The Mines and Minerals (Development and Regulation) bill of 2011 has lapsed. Hence the government will now look into making a comprehensive amended bill which will benefit both the mining sector as well as the government. The hope is high that justice will be served. 

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