Coal Mine Development And Production Agreement
Our subscription model has received an encouraging response from many of you who subscribe to our online content. Another subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Their support through more subscriptions can help us practice the journalism we are committed to. Support quality journalism and sign up for Business Standard. Digital Editor Winning bidders of coal blocks in electronic auctions should provide a bank guarantee equal to the sum of the one-year royalty and the annual peak capacity of the mine multiplied by the amount of the bid. The statement is becoming more important because the Ministry of Mines had previously solicited proposals from the public, the mining industry and other interested parties on the reforms proposed in the Development and Regulation of Mines, 1957. The provisions of the CMPDA would also be included in the mining lease. The agreement would also take into account “force majeure” events and anti-corruption provisions. The development is a great relief for Kar`s steelmakers. “The allocation supplier shall carry out the operation of the coal mine in accordance with the milestones or `efficiency parameters`. Non-compliance would lead to a reduction in performance safety as defined in the Coal Mining (Special Provisions) Rules of 2014,” said Vivek Bharadwaj, Secretary General of Coal. Bharadwaj is also the nominated authority of the coal block electric auctions.
The agreement also contains provisions on guarantees and compensation granted by the successful tenderer. A clause that contains a list of events to terminate the agreement, i.e. non-payment of the advance and additional direct debit, non-compliance with anti-corruption laws, non-payment of monthly payment, etc. The decision will help both Karnataka and the Centre, and Donimalai`s mining activities will help the country meet prime Minister Narendra Modi`s iron ore production target of 300 million tonnes per year (MTPA). A great story| Everything you need to know about depositing the I-T yield The state-owned iron ore producer NMDC Ltd has raised the prices of lump ore by 400 rupees per tonne for the second time this month and fines by about 300 rupees per tonne. In addition to the bank guarantee, the advance must be paid in three instalments by the successful tenderers. . . .