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Coal India, Sesa Goa plunges on coal mining Bill nod
This article was posted on Jul 8, 2011 and is filed under Market News
The shares of coal mining companies— Coal India and Sesa Goa have plunged more than 8% each after the a 10-member Group of Ministers (GoM) headed by Finance Minister Pranab Mukherjee on Thursday approved the new Mining Bill.
According to Mining Bill coal companies will have to share 26% profit 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, the newspaper report suggests. For more visit: Business-Standard
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