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26 per cent profit sharing by coal cos

26 per cent profit sharing by coal cos

A 10-member Group of Ministers (GoM) headed by Finance Minister Pranab Mukherjee cleared a proposal in the new mining bill that mandates sharing of 26 per cent profit by coal mining companies with the local population. In case of other minerals such as iron ore, bauxite and limestone, the miners will have to share with the locals an amount equal to the royalty paid in the previous year.

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