Coal news and updates

Nominated Authority asked to prepare methodology for Schedule III mines

February 05: The Ministry of Coal has directed the nominated authority to undertake calculation of upfront payment, floor prices, ceiling price and additional reserve price for the purpose of allocation blocks identified under Schedule III.

In a communication, Director (CA-III) S K Shahi said the above calculation would be applicable for the purpose of allocation of blocks shifted from Schedule I to Schedule III on the basis of mining plans prepared but not yet approved, wherever approved mining plans are not available.

The new direction are in accordance with the provisions of Section 8(5) of the Coal Mines (Special Provisions) Second Ordinance, 2014 and Rule 8(3) of the Coal Mines (Special Provisions) Rules, 2014 and in continuation of order dated December 26, 2014 on methodology for fixing floor/reserve price for auction and allotment of coal mines/blocks.