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Profit rule in mining gets nod

New Delhi, Dec. 3: The new mining bill, which proposes 26 per cent profit-sharing by miners with project-affected people, was approved today by a ministerial panel headed by finance minister Pranab Mukherjee.

The approval brings to an end the debate on how to share the benefits of mining with the predominantly impoverished tribal population.

“As far as the group of ministers is concerned, this was its last meeting. All concerns have been addressed and there are no major changes,” mines minister B.K. Handique said.

The new bill has proposed the formation of a fund called the District Mineral Foundation, which will make payments to the beneficiaries.

The bill has also proposed that in case a mine becomes non-functional, or suffer losses, the firms should compensate those affected by land acquisition by paying them an amount equal to the royalty given to state governments.

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