PTI reported that Orissa chief minister Mr Naveen Patnaik on Saturday demanded an upward revision of royalty rates and a ban on ore exports.

Mr Patnaik said at the National Development Council Meeting that “In addition to the upward revision of royalty rates in tandem with the soaring prices of minerals, there should be a mineral resource rent tax to be charged at 50% of the surplus rent.”

He claimed that the mining companies have run away with super normal profits while the ministry of mines has been dithering about revision of royalty structure.

He stressed that “I would also propose that as a national policy, export of ore should be banned and suitable technologies developed to make use of our own ore within the country.”

(Sourced from PTI)