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The development is a great relief for the steel producers of Kar… The agreement also contains provisions for the guarantees and compensation of the successful bidder. A clause containing a list of events on which the agreement may be terminated, i.e. non-payment of advances and additional taxes, non-compliance with anti-corruption laws, non-payment of a monthly payment, etc. „The successful bidder executes the mining industry in the coal industry according to milestones or „efficiency parameters.“ Non-compliance would lead to a reduction in performance safety in the way it was defined in the 2014 rules for coal mines,“ said Vivek Bharadwaj, Joint Secretary, Coal Ministry. Bharadwaj is also the designated authority for the electronic auction of the coal block. „Inspired by our traditional ethic of living in harmony with the environment and the commitment of my government, India has implemented low-carbon, climate-resilient development practices,“ he said. The decision will help both Karnataka and the Centre, and mining activities in Donimalai will help the country meet Prime Minister Narendra Modi`s target for iron ore production of 300 million tonnes per year (MTPA).
The declaration is gaining momentum because the Ministry of Mines had previously sought proposals from the public, the mining industry and other stakeholders on the reforms proposed under the Mining and Minerals (Development and Regulation) Act 1957. The terms of the performance bank guarantee and the format for the same are part of the CMPDA. Bidders who earned the coal block should offer a performance guarantee (bank guarantee) resulting from one year`s royalty and peak annual mine capacity multiplied by the bidder`s final price offer. The provisions of the CMPDA would also be included in the funder. The agreement would also take into account the events of the „force majeure“ and the anti-corruption provisions.