The Rajya Sabha on Friday passed a bill relating to the development of mines and minerals which paves the way for auction of blocks for prospecting.
Following are some of the highlights of the legislative measure:
. Mining licence for 50 years, as against 30 now
. No renewal of mining concessions, unlike the original act of 1957
. A new schedule to include mining of bauxite, iron ore, limestone and manganese ore - now called notified minerals
. State governments to grant mining leases and prospecting licence-cum-mining leases with the central government's approval
. The central government will prescribe the terms and conditions for selection of bidders as also the procedure for auctions.
. The central government permitted to increase the area allowed for mining, instead of granting additional leases
. The central government may reserve some mines exclusively for some specific purposes
. District Mineral Foundation to be set up in mining areas to address local area grievances
. National Mineral Exploration Trust to be set up for regional and pan-India planning