Commodities Buzz: Regularisation of Illegal Mining on Cards In India

The Government of India is in process of regularisation of Illegal mining in the country. Illegal mining projects across the country could well be regularised as the Centre appears to be ready to grant them environmental clearance (EC) if they agree to cough up a hefty penalty, as directed by the Supreme Court. The court, on August 2 last year, said mining companies in Odisha operating without EC would have to pay 100 per cent penalty to the state.

The Centre is using this verdict as its template for regularisation. Its immediate concern includes Goa where SC a few months ago quashed all approvals to renew mining in the iron ore-rich state. The Centre has imposed a few conditionalities for companies that have sought regularisation, according to the latest directive from the Union environment ministry. They include submitting an affidavit on complying with the SC order in toto as also fulfilling all statutory requirements. The Non Ferrous Metals enjoyed another month of high demand and the prices of most of the metals crossed 20% in terms of value.