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ICICI Securities Report
In a press conference Minister of Coal, Mines and Parliamentary Affairs, Pralhad Joshi, highlighted the arrangement that centre has reached with the state of Karnataka regarding the restarting of NMDC Ltd.’s Donimalai mines.
The two facets of the arrangement are:
- A committee under the chairmanship of mines secretary has been formed to look into how much premium, a state or central public sector undertaking should pay on renewal of the mines – decision is expected in three months; earlier it was zero under Mines and Minerals Development and Regulation Act (MMDR) and
- Till the time the decision is reached, based on the request of Chief Minister of Karnataka, to avoid losses to the state, an additional premium of 22.5% has been imposed on renewal of all mines (state and central PSUs).
Thus, NMDC can restart Donimalai mines by starting to pay 22.5% additional premium, ad valorem premium.
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