Amendments to Mining Act to help revive plants, railway & port connectivity
Updated: Aug 09, 2014 12:00:25pm
New Delhi, Aug 9 (KNN) The government is planning to amend the MMDR (Mines and Minerals Development and Regulation) Act to revive the mining sector, especially iron ore, to cater to the huge infrastructure development programme.
“The changes to the Act would aim at placing the industry on a sure and long term footing that would include mines plants, railway and port connectivity and other logistics,” said Minister of State for Mines, Steel, Labour and Employment, Vishnu Deo Sai.
At the “India Mining Summit” organized by the Associated Chamber of Commerce and Industry of India (ASSOCHAM), Sai said the changes would also take into consideration environmental concerns.
He said the emphasis would also be on new technology which because of high costs would have to be sought if necessary through joint ventures with foreign enterprises.
The minister emphasised that problems faced by the sector had prevented the inflow of foreign direct investment into the sector.
“In addition local community resistance to mining and the judiciary’s orders for investigation into various allegations and concerns also depressed investment sentiment. At the same time mineral prices globally had risen steeply affecting other projects in the industry and construction within the country”, said Sai.
On the other hand, calling for a change in public perception on the impact of mining on environment, Mines Secretary Anup K Pujari said that technological and other changes that reduced the impact on environment were being ignored and the sector overregulated.
He revealed that the government was making inter-ministerial efforts in preventing illegal mining and consequent revenue losses.
Also speaking at the meeting, Chairman, Advisory Group for Integrated Development of Power, Coal and Renewable Energy, Suresh Prabhu, suggested that a larger share of the mining revenue be provided to the local community.
He said the mining sector should interact with local community to devise systems to meet its concerns.
Meanwhile, CEO, Sesa Sterlite Global, Tom Albanese said a tenure, taxation and royalty system for mining is an exclusive right for the explorer.
He also encouraged public private partnership (PPP) in mapping of natural resources and geophysical surveying.
Also present at the meeting was Deputy Minister, Islamic Republic of Afghanistan Mines and Petroleum, Jamil Hares who said the Ministry of Mines and Petroleum has commenced a process where qualified investors will have a unique opportunity to secure access to a number of promising mineral and energy projects.
It has undertaken an initiative to further improve the minerals legal framework by fully-adopting the EITI business standards, and simplifying the quarry- licensing regime, he said.
He also said that the ministry is implementing an ambitious five-year business plan to address policy and regulatory deficiencies, and update Afghanistan’s minerals laws, environmental regulations, and fiscal regimes to position the country as one of the world’s leading destinations for mining investment. (KNN/ST)
“The changes to the Act would aim at placing the industry on a sure and long term footing that would include mines plants, railway and port connectivity and other logistics,” said Minister of State for Mines, Steel, Labour and Employment, Vishnu Deo Sai.
At the “India Mining Summit” organized by the Associated Chamber of Commerce and Industry of India (ASSOCHAM), Sai said the changes would also take into consideration environmental concerns.
He said the emphasis would also be on new technology which because of high costs would have to be sought if necessary through joint ventures with foreign enterprises.
The minister emphasised that problems faced by the sector had prevented the inflow of foreign direct investment into the sector.
“In addition local community resistance to mining and the judiciary’s orders for investigation into various allegations and concerns also depressed investment sentiment. At the same time mineral prices globally had risen steeply affecting other projects in the industry and construction within the country”, said Sai.
On the other hand, calling for a change in public perception on the impact of mining on environment, Mines Secretary Anup K Pujari said that technological and other changes that reduced the impact on environment were being ignored and the sector overregulated.
He revealed that the government was making inter-ministerial efforts in preventing illegal mining and consequent revenue losses.
Also speaking at the meeting, Chairman, Advisory Group for Integrated Development of Power, Coal and Renewable Energy, Suresh Prabhu, suggested that a larger share of the mining revenue be provided to the local community.
He said the mining sector should interact with local community to devise systems to meet its concerns.
Meanwhile, CEO, Sesa Sterlite Global, Tom Albanese said a tenure, taxation and royalty system for mining is an exclusive right for the explorer.
He also encouraged public private partnership (PPP) in mapping of natural resources and geophysical surveying.
Also present at the meeting was Deputy Minister, Islamic Republic of Afghanistan Mines and Petroleum, Jamil Hares who said the Ministry of Mines and Petroleum has commenced a process where qualified investors will have a unique opportunity to secure access to a number of promising mineral and energy projects.
It has undertaken an initiative to further improve the minerals legal framework by fully-adopting the EITI business standards, and simplifying the quarry- licensing regime, he said.
He also said that the ministry is implementing an ambitious five-year business plan to address policy and regulatory deficiencies, and update Afghanistan’s minerals laws, environmental regulations, and fiscal regimes to position the country as one of the world’s leading destinations for mining investment. (KNN/ST)
Loading...
