Mine bidders to face penalties for delays; Centre proposes timelines

To expedite mining activities in the country and address shortcomings in the mine auction process, the Centre has proposed the introduction of intermediary timelines for acquiring mining leases and composite licences.

The government has outlined timelines for various activities involved in the process, accompanied by penalties for delays attributable to the bidder. According to the Ministry of Mines notification dated February 9, the penalty for surpassing specified timelines in any activity within a milestone would lead to deductions from the performance security deposited by the bidder.

The deduction percentage varies based on the milestone and the length of the delay, ranging from