Cabinet approves new mining bill

The Union cabinet approved the Mines and Minerals (Development and Regulation) Bill, 2011 on Friday. After 54 years, the country will have a new legislation for mines and minerals. The bill is unique in that for the first time it provides for sharing of profit with local communities affected by mining. The proposed bill mandates coal miners to share a maximum 26 per cent of their profits with local communities and for other miners an amount equivalent to royalties.