[SMM News] India has revised its mining law to address a shortfall of 60 million tons of iron ore

SMM1, March 10-India has amended its federal mining law to allow seamless transfer of regulatory approvals to new iron mine owners, including 36 operating iron mines in Orissa and Karnataka, which are scheduled to expire and be auctioned on March 31.

The revised law will speed up the process of starting the mines under new owners and ease concerns about a tightening of iron ore supplies to steel and iron ore pellet producers since April.

The government estimates that the expiry of the lease will affect annual iron ore production of 60 million tons.

Coal Minister Prallard Josh (Pralhad Joshi) said the federal cabinet had issued a decree allowing 20 regulatory permits, including the approval of environmental permits and mining plans, to be transferred from former leasers to new owners. Normally, such clearance takes up to two years, he added.

The amendment will be approved by both houses of India's parliament when it meets later this month.

In Orissa, India's largest iron ore-producing state, there are 15 iron ore leases with a total output of 54 million tons, which are being auctioned. Technical bids for these leases were reviewed on 4 January.

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