The decision will help both Karnataka and the centre, and mining activities in Donimalai will help the country meet Prime Minister Narendra Modi`s iron ore production target of 300 million tonnes per year (MTPA). “Inspired by our traditional philosophy of living in harmony with the environment and my government`s commitment, India has adopted low-carbon and climate-resilient development practices,” he said. Successful bidders for 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 auction price. Business Standard has always strived to provide up-to-date information and feedback on developments that are of interest to you and that have broader political and economic implications for the country and the world. Your constant encouragement and feedback on how we can improve our offering has only strengthened our determination and commitment to these ideals. Even in these challenging times stemming from Covid-19, we remain committed to keeping you informed and informed with credible news, authoritative views and concise comments on relevant current issues. However, we have a request. As we struggle with the economic impact of the pandemic, we need your support even more so that we can continue to provide you with better quality content. Our subscription model has received an encouraging response from many of you who have subscribed to our online content. Another subscription to our online content can only help us achieve the goals of providing you with even better and more relevant content.
We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism we are committed to. Support quality journalism and subscribe to Business Standard. Digital publisher The provisions of the CMPDA would also be included in the mining lease. The agreement would also take into account cases of “force majeure” and anti-corruption provisions. “The agreement provides for conditions of allocation and non-compliance with the provisions of the CMPDA, which results in the withdrawal/annulment of the destockability order,” Bhardwaj said. The terms of the performance bank`s guarantee and its format are part of the CMPDA. Successful bidders in the coal block should offer a performance guarantee (bank guarantee) consisting of an annual royalty and an annual mine peak capacity multiplied by the bidder`s final price offer. The agreement also contains provisions on guarantees and compensation by the successful bidder. A clause that contains a list of events due to which the contract can be terminated, i.e.
non-payment of the amount of the advance and the additional direct debit, non-compliance with anti-corruption laws, non-payment of the monthly payment, etc. Subject to conditions for successful bidders of coal blocks at upcoming electronic auctions, the government has published the Coal Mining Development and Production Agreement (CMPDA). The declaration is gaining in importance because the Ministry of Mines had already solicited proposals from the public, the mining industry and other stakeholders on the reforms proposed in the Mines and Minerals (Development and Regulation) Act 1957. “The bidder shall carry out the mining work in the coal mine in accordance with the milestones or `efficiency parameters`. Non-compliance would result in a reduction in performance safety in the manner defined in the 2014 Coal Mining Rules (Special Provisions),” said Vivek Bharadwaj, Deputy Secretary of the Ministry of Coal. Bharadwaj is also the designated authority for electronic coal block auctions. The development is a great relief for Kar`s steel manufacturers. Speech at the opening of the India-Kazakhstan Defence Cooperation. Shreya Jai | New Delhi Last updated on 23. January 2015 15:07 IST Check exclusions, specific waiting periods, conditions for pre-existing conditions and other limiting factors Upon completion of the mine development and production agreement, the composite licensee is required to make payment of the third instalment in the amount of eighty per cent of the advance payment in accordance with Rule 8.9.2, and in such payment, the State Government shall grant the holder of the composite licence.
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