The Ministry of Mines on December 26, 2023, issued the Draft Mineral (Auction) Third Amendment Rules, 2023, to further amend the Mineral (Auction) Rules, 2015.
The following amendments have been stated:
• In rule 11, which states “Upfront payment for mining lease”, in sub-rule (1), the following proviso shall be inserted, namely:
"Provided that for the preferred bidder selected pursuant to the notice inviting tender issued after the date of commencement of the Mineral (Auction) Third Amendment Rules, 2023, the amount of upfront payment shall not exceed five hundred crore rupees."
• In rule 12, which states “Performance security for mining lease”, in sub-rule (1), the following proviso shall be inserted, namely:
"Provided that for the preferred bidder selected under the notice inviting tender issued after the date of commencement of the Mineral (Auction) Third Amendment Rules, 2023, the amount of performance security shall not exceed five hundred crore rupees."
The comments/suggestions are invited from the public, the last date for receipt of the comments/suggestions is January 10, 2024.
The comments/suggestions may be sent by e-mail in an MS Office Word file to the following ID: [email protected] or by post to Shri Mushtaq Ahmad, Director Ministry of Mines, Room No 313, D-Wing Shastri Bhawan, Dr Rajendra Prasad Road New Delhi -110 001.
[Notification No M.IV-2306/2/2023-Mines IV]
