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GoM clears new mining policy

Special Correspondent

NEW DELHI: A Group of Ministers (GoM), headed by Home Minister Shivraj Patil, on Friday cleared the new mining policy that seeks to attract a foreign direct investment of $2 billion annually, while rejecting a demand for capping iron ore export.

Upward revision of export duty did not come up for discussion.

The policy would be placed before the Cabinet for approval, sources said.

The GoM also refused to endorse the demand of the mineral-rich States Chhattisgarh, Jharkhand and Orissa on value addition.

The new policy would also be able to provide additional employment to five lakh people in the next five years, Minister of State for Mines T. Subbarami Reddy said.

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