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Govt. cancels regulations to monitor mining deals
Just six months after introducing them, the Government has cancelled new regulations that governed the mining, trading in and export of minerals including graphite. The gazette — which had also introduced a committee to determine the market value of mine output and the percentage of royalty payable by those seeking such licences for these activities — was rescinded on Thursday.
There was no explanation for the cancellation of the regulations but it was speculated that a new gazette might be issued with fresh rules.The regulations were issued only in January. They had stated that any private sector proponent or participant before obtaining a licence for mining, trading in or exporting minerals must have special negotiations in the form of an Investment Agreement with the Secretary to the Ministry of Environment and Renewable Energy with regard to the terms and the supplementary rights and obligations under such agreement.
The gazette had named four categories of minerals. The first consisted of industrial minerals: ilmenite, zircon, rutile, graphite, mica, quartz, garnet and apatite. The second consisted of base metals: iron, nickel, chromium, copper, lead and zinc. The third consisted of precious metals: gold, silver and platinum. And the last consisted of dimension stones.
The regulations also said that the Secretary to the Ministry might, in consultation with the Geological Survey and Mines Bureau (GSMB), determine the market value of mine output and percentage of royalty payable, among other things, within the framework of the Investment Agreement.
The GSMB was bound to give its recommendations on these matters to the Secretary through a committee comprising the Secretary to the Ministry of Finance, the Secretary to the Ministry of Environment and Renewable Energy, the Secretary to the Ministry of Industries, the GSMB Chairman and Director General, and three Senior Executive Officers of the Bureau with a minimum 15 years of practical experience in geological survey, excavation engineering and registration of title of minerals.