Bill adds Eighth Schedule, expands mineral exchange regulation

This Bill amends the Mines and Minerals (Development and Regulation) Act, 1957 to allow mining lease holders to include additional minerals in their existing leases and to extend leased areas for deep-seated minerals. It also establishes a framework for regulating electronic mineral trading platforms (mineral exchanges) and expands the scope of the National Mineral Exploration and Development Trust.

Holders of mining leases and composite licences for deep-seated minerals; holders of mining leases applying to include other minerals; buyers and sellers of minerals, concentrates, or processed forms trading on mineral exchanges; and the National Mineral Exploration and Development Trust.

• Defines 'mineral exchange' as a registered electronic trading platform for minerals, concentrates, processed forms, and derivatives.
• Allows holders of mining leases for deep-seated minerals (depth > 200 meters) to apply for a one-time extension of the leased area by up to 10% of the existing area.
• Allows holders of composite licences for deep-seated minerals to apply for a one-time extension of the licensed area by up to 30% of the existing area.
• Renames the 'National Mineral Exploration Trust' to the 'National Mineral Exploration and Development Trust' and increases its funding contribution from 2% to 3%.
• Permits mining lease holders to include other minerals in their lease based on a geological report, subject to payment of additional amounts specified in a new Eighth Schedule.
• Empowers the Central Government to promote, register, and regulate mineral exchanges, including rules for market oversight, fee levies, and prevention of market manipulation.
• Removes the requirement for Central Government approval for certain actions under Section 10B(2).
• Introduces a new Eighth Schedule specifying additional amounts payable for included minerals based on the type of mining lease (auctioned vs. non-auctioned) and the mineral category.

Written from the document by AI, and checked against it. The original below is authoritative.

The original document