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Group of Ministers approves draft mining bill
As reported by media, a panel of ministers has approved the new bill where coal miners
are required to share 26% of their profits with local communities. According to the reports,
the draft bill will now go to the Cabinet for approval; the proposal also calls for other
miners to give to local communities an amount equivalent to royalties. The bill requires
parliamentary approval after passing by the Cabinet to become a law. We await for
further clarity; however, if implemented, the new law is likely to have a negative impact on
mining companies.
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