Key highlights of Mines and Minerals Bill

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:

1. Mining licence for 50 years, as against 30 now
2. No renewal of mining concessions, unlike the original act of 1957
3. A new schedule to include mining of bauxite, iron ore, limestone and manganese ore - now called notified minerals
4. State governments to grant mining leases and prospecting licence-cum-mining leases with the central government's approval
5. The central government will prescribe the terms and conditions for selection of bidders as also the procedure for auctions.
6. The central government permitted to increase the area allowed for mining, instead of granting additional leases
7. The central government may reserve some mines exclusively for some specific purposes
8. District Mineral Foundation to be set up in mining areas to address local area grievances
9. National Mineral Exploration Trust to be set up for regional and pan-India planning