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Coal India feels the heat of draft mining Bill.
Byline: Adarsh Gopalakrishnan & M.V.S. Santosh Kumar
Clauses for metal miners are lighter than expected
The possibility that a new Mining and Mineral Development Regulation Bill is just around the corner had the market spooked, sending the BSE Metal Index lower by around 3 per cent and the shares of Coal India lower by 8 per cent in Friday's trading.
The draft Bill includes clauses stipulating that Coal India contribute 26 per cent of its profits to a District MineralAFoundation. Metal miners such as Hindustan Zinc, Sesa Goa and NMDC would be required to shell out a sum equal to their current royalties, which will go into the same fund. However, the …
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