PANJIM: The State government has notified rules under the District Mineral Foundation (DMF), wherein mine owners will have to shell out one third of their royalty payment for the development of barren mining areas.
The Directorate of Mines and Geology (DMG) on Wednesday notified the Goa District Mineral Foundation Rules 2016 for adherence to the principles of sustainable mining, inter-generational equity, and to afford protection to the environment and ecology and to meet the needs of the mining affected persons and areas.
As per the Rules, 50 per cent of the contribution towards the fund shall be deposited in fixed deposits or government bond/bank bonds. The interest earned to the extent of 90 per cent would be utilised for achieving the objectives.
“The balance 10 per cent of such interest shall be re-invested in long term investment so that the corpus of such fund remains permanently enhanced surpassing the period of exploitation of mineral ore and such fund shall be used in posterity for the benefit and protecting the rights of the future generations and creating the inter-generational equity,” DMG director Prasanna Acharya said.
Meanwhile, the government, in consultation with the Central Empowered Committee of the Supreme Court has formulated the scheme for creation and operation of Goa Mineral Ore permanent fund (GMPF).
GMPF will be operated through a trust whose governing body will be headed by the Chief Minister.
