Metals & Mining MMDR Bill 2011: Prescriptive, Prohibitive and Penal ::Emkay

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Metals & Mining

MMDR Bill 2011: Prescriptive, Prohibitive and Penal

n     The “Mines and Minerals – Development and Regulation Bill (MMDR) 2011” has been approved by the cabinet on 30th Sep 2011

n     The Government of India (Ministry of Mines) and Federation of Indian Mineral Industries (FIMI) organized an “Interface of stakeholders on MMDR Bill, 2011” on 15th November which was well attended by Government representatives, FIMI,  miners’ associations, Indian Bureau of Mines, major corporate, small miners, NGOs

n     We at Emkay had the opportunity to participate in this and also interact with couple of stakeholders later in one-on-one meetings during the last two days

n     The MMDR Bill though approved by the Cabinet does have host of open aspects; continues to face stiff resistance from the corporate and individual miners leaving a possibility of further extensive deliberations and modifications. If this becomes an Act, in current form, it would adversely impact the EPS in the range of 1.9% to 15.2% for various mining-metal companies under coverage