Goa would strive to limit windfall profits of mine owners: CM

| Updated on: Jan 01, 2014

Goa Chief Minister Manohar Parrikar today said the mining industry would resume operations in this calendar year but the Governments — both State and Centre — should work out modalities to reduce windfall profits earned by mine owners.

“The method has to be properly devised to ensure that the mine owners don’t earn windfall profits once mining restarts,” Parrikar told presspersons at the sidelines of a press conference organised to announce the BJP Prime Ministerial candidate Narendra Modi’s rally in Goa on January 12.

He said during the current calendar year, the mining industry would resume in the State and the extraction of ore would be done keeping in mind the environmental concerns.

“Those who say that the mining should stop completely, should stop using gadgets. If we need metal, we need to mine,” Parrikar said.

The CM said the State Government will work towards controlling the windfall profits earned by the mine owners, but it can be properly done only with the intervention of the Centre.

“The levy of export duty of 30 per cent imposed on the ore was one of the measures to control the windfall profit. There was an initial impact but the profits increased after the prices of ore escalated in the international markets,” he said.

Published on March 12, 2018

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