Indian Cabinet of Ministers Amends Mining Law

The Indian Cabinet of Ministers has approved amendments to the mining law that will help double mining in the next 4-5 years.

The amendment was intended to allow processors such as the steel, cement and thermal power industries to own iron ore and coal mines that could be freely sold in addition to their own use. Moreover, this reform will also allow the transfer of lease rights for mining operations free of charge.

According to the rules, the steel companies that own the mines are allowed to sell iron ore freely, but no more than 25% of the annual production growth.