News: The Union Cabinet has approved the Promulgation of Mineral Laws (Amendment) Ordinance 2020
Facts:
- It amends Mines and Minerals (Development and Regulation) Act 1957 and Coal Mines (Special Provisions) Act 2015.
Key features:
- Allows companies that do not have coal mine operations in India to also participate in coal block auctions.
- It provides for composite prospecting licence-cum-mining lease for coal and lignite blocks.
Significance:
- access to high-end technology for underground mining used by global miners
- Boost to production and mining efficiency
- Less imports
- assured coal supply
- accountable allocation of coal
- affordable fuel leading to affordable electricity prices for consumers
