The union mines ministry has convened a high level meeting to decide on the new rate of royalty on minerals like Iron Ore, Bauxite, Manganese ore on 26th of April.
If sources are to be believed ministry has proposed a hike in royalty rate on iron ore to 15% (current 10% on sale price). Although Odisha government is not happy with mere 5% increase, specially when miners are earning huge profits.
“The Government of India has notionally agreed to raise royalty rate on iron ore from 10 percent to 15 percent. But this hike is not acceptable to us. We believe that the royalty rate of 15 percent is not enough. The Centre should fix the royalty rate after proper examination of profits made by miners. Earlier, we had brought to the notice of the Central government regarding the super normal profits earned from mining activities”, said Director (mines) Deepak Mohanty.
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