Economy

President Kovind gives nod to Ordinance for enabling commercial coal mining and mineral auctions

Our Bureau New Delhi | Updated on January 11, 2020 Published on January 11, 2020

President Ram Nath Kovind has given his nod to the ordinance for amendment in the Mines and Minerals (Development and Regulation) (MMDR) Act 1957 and the Coal Mines (Special Provisions) Act, 2015 . The Union Cabinet had earlier approved the amendments intending to open up new areas of growth in the coal and mining sector, an official statement said.

The amendments in the Acts would offer unexplored and partially explored coal blocks for mining through prospecting license-cum-mining Lease (PL- cum-ML). The ordinance will also allow a successful bidder/allottee to utilise mined coal in any of the plant of its subsidiary or holding company, the statement said.

The ordinance is expected to attract large investment in coal mining sector as restrictions of end use has been dropped, the statement added.

The amendment to the MMDR Act would ensure that the successful bidder of mineral mining leases shall get a two year extension to existing forest and environment clearances. This relaxation will be valid for mines whose leases are expiring in March 2020 end.

Published on January 11, 2020
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