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Saturday, Jan 03, 2009
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Business Daily from THE HINDU group of publications Saturday, Jan 03, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Minerals Government - Policy New royalty rates for uranium mining in States
States would now be paid royalty on uranium mining on an ad valorem basis, equivalent to two per cent of compensation received by Uranium Corporation of India Ltd, according to a decision taken today Our Bureau New Delhi, Jan. 2 The Centre has revised the royalty rates to be paid to States for mining of uranium. States would now be paid royalty on uranium mining on an ad valorem basis, equivalent to two per cent of compensation received by Uranium Corporation of India Ltd (UCIL), according to a decision taken by the Cabinet Committee on Economic Affairs (CCEA). Royalty for uranium was earlier being levied on a tonnage basis system. While the Government is working on a proposal for revising royalty rates for all minerals, a considered decision has been taken to enhance the royalty rates of uranium immediately, keeping in mind the fact that uranium is a strategic mineral and where mining is restricted to the public sector, said the Minister for Science and Technology, Mr Kapil Sibal. He said that the Government has taken several initiatives to streamline the exploration and mining of uranium. The issue of fair compensation to States for scarce reserves mined in their jurisdiction was earlier referred to a Study Group comprising representatives of the Department of Mines, the Department of Atomic Energy, the Indian Bureau of Mines, and the governments of mineral-rich Chhattisgarh, Jharkhand, Karnataka, Orissa and Rajasthan. The group recommended that compensation paid by the Government to public sector undertakings involved in mining and processing uranium should be used as a reference point for determining royalty payable to the States, “for the sake of transparency”. ‘Govt will spend Rs 800 cr for uranium exploration’ Private players may be roped in to speed up uranium mining More Stories on : Minerals | Policy
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