Cement, Energy and Environment

['IWT II ~ 3(i}] 19 12. 13. Performance security for mining lease.-(I} The successful bidder shall prov~de a perform~ce security of an amount of 0.50% of the value of estimated resources and the performance secunty shall be adJusted every five years so that it continues to correspond to 0.50% of the reassessed value ofestimated resources. (2) The performance security provided through bank g~antee in the format as specified in Schedule Ill or through security deposit, may be invoked as per the provJsJons of- (i) the Mine Development and Production Agreement; and (ii) the Mining Lease Deed. Payments under mining lease.-(1) The Jessee shall pay royalties and dead rent to the State Government as specified in the Act and the rules made thereunder. (2) The lessee shall pay the applicable amount quoted under rule 8 to the State Government on a monthly basis. (3) The lessee shall contribute such amounts as may be required under the Act to- (a) the designated account of the National Mineral Exploration Trust; and (b) the designated account of the District Mineral Foundation. (4) The lessee shall also pay such other amounts as may be required under any law for the time being in force to the concerned authorities. 14. Payment of Interest.- The State Government shaJI charge simple interest at the rate of twenty four per cent per annum on any payment due to State Government under these rules the payment of which is delayed beyond sixty days from the due date thereof. 15. Time Period.-The time period for compliance of rules I 0 to 14 shall be as specified in the tender document. CHAt>TER III GRANT OF COMPOSI1'f: LICENCE 16. Prerequl. .. Hes for m•ction of Composite Llcence.-(1) The State Government may initiate.:., auction process for grant of a Composite Licence with respect to an area within the State in accordance with the provisions of the Act and this Chapter subject to the condition that the requirements of rule 7 of the Minerals (Evidence of Mineral Contents) Rules, 2015 have been satisfied: Provided that in case of an auction with respect to a notified mineraJ, prior approval of the Central Government shall be required. (2) The State Government shall, prior to issuance of the notice inviting tender with respect to auction, identify and demarcate the area where a Composite Licence is proposed to be granted through auction using total station and differential global positioning system and the area so demarcated shaJI be classified into forests land, land owned by the State Government, and land not owned by the State Government. 17. Auction for Composite Llccnce.-(1) The auction process as specified in rules 6 to 9 shall be applicable for conduct of auction for grant of a Composite Licence subject to the following, namely:- (a) the State Government shall not make any reservation on the basis of end use; (b) the State Government shall subject to compliance of rule 16, issue a notice inviting tender, including on their website, to commence the auction process and such notice shall contain brief particulars regarding the area under auction, including.- (i)- particulars of the area identified and demarcated using total station and differential global positioning system divided into forest land, land owood by the State Government, and land not owned by the State Government; and (ii) estimated mineral resources with respect to all minerals discovered in the area and brief particulars regarding satisfaction of the requirements specified in ruJe 7 of the Minerals (Evidence of Mineral Contents) Rules, 2015: (c) the tender document issued by the State Government, shall contain,-, (i) geological report specifying particulars and estimated quantities of all minerals discovered in the area during exploration pursuant to Minerals (Evidence of Mineral Contents) Rules, 2015; and (ii) revenue survey details of the area identified, demarcated using total station and differential global positioning system divided into forest land, land owned by the State Government, and land not owned by the State Government; 24