Captive mine lease holders have right of first refusal – Feedback

A mine lease holder who has acquired a mineral block for captive purposes will have the ‘right of first refusal’ at the time of its auction under the amended MMDR law, Parliament was informed today.

Mines and Minerals (Development and Regulation) (MMDR) Act, 1957, was amended through the MMDR Amendment Act, 2015, which came into force with effect from January 12, 2015, Mines Minister Piyush Goyal said in a written reply to Rajya Sabha. As per clause (4) of section 8A inserted through the Amendment Act, a lease shall be put to auction on expiry of the lease period, he added. Further clause (7) of the said section contemplates that any holder of a lease granted, where mineral is used for captive purpose, shall have the right of first refusal at the time of auction held for such lease after the expiry of the lease period,” the minister informed the House.

http://www.business-standard.com/article/pti-stories/captive-mine-lease-holders-have-right-of-first-refusal-govt-116112800945_1.html

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