Panel formed on fixing of mineral royalty

BHUBANESWAR: The Stare Government on Saturday constituted a committee headed by the Finance Secretary to suggest it on fixation of rate of royalty on minerals, including iron ore.The committee comprising the Finance Secretary, Secretaries of Steel and Mines and Revenue departments will submit its report in a month, Chief Secretary BK Patnaik told mediapersons.Stating that the State Government had been demanding royalty on iron ore on market price, Patnaik said that the Indian Bureau of Mines (IBM) has not taken any steps despite several requests.The royalty rate on iron ore fixed by the IBM on ad valorem basis is much less than the market price of the mineral, he said.While the royalty rates were revised in 2009, the next revision is due in 2012.