Ministers' panel to consider new law for mines

NEW DELHI: A panel of Indian ministers will meet on July 22 to consider a new law for mines, which aims to give local people a share of mining profits, the federal mines secretary Shanta Sheela Nair said on Friday.

For years villagers and tribesmen have opposed several projects such as India-focused miner Vedanta Resources Plc's bauxite mines and POSCO's proposed steel plant in the eastern state of Orissa.

The proposed law, which would give the government more teeth to curb illegal mining, would also be considered by the cabinet and possibly a parliamentary committee, she said.

"It's a long process. There could be a lot of changes by then," she said.

The new mine bill, that has to be placed in parliament, seeks to make companies share a quarter of their net profit with local communities.