News and Events

Orissa constitutes a committee to study mineral royalty rates

Orissa government has constituted a committee headed by the finance secretary to suggest it on fixation of rate of royalty on minerals including iron ore.

Chief secretary Mr BK Patnaik said that "The committee comprising the finance secretary, secretaries of steel and mines and revenue departments will submit its report within one month."

Stating that the state government has been demanding royalty on iron ore on market price, Mr Patnaik said that the Indian Bureau of Mines had not taken any steps despite several requests.

He said that "The royalty rate on iron ore fixed by the IBM on ad volerom basis is much less than the market price of the mineral."

While the royalty rates were revised in 2009, the next revision is due in 2012.