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Section 12: Performance security for mining lease

Mineral (Auction) Rules., 2015Central Rules · 1957

(1) The successful bidder shall provide a performance security of an amount of 0.50% of the value of estimated resources and the performance security shall be adjusted every five years so that it continues to correspond to 0.50% of the reassessed value of estimated resources.

(2) The performance security provided through bank guarantee in the format as specified in Schedule III or through security deposit, may be invoked as per the provisions of –

(i) the Mine Development and Production Agreement; and

(ii) the Mining Lease Deed.

Where this provision sits

ActMineral (Auction) Rules., 2015
Section12
Marginal notePerformance security for mining lease
JurisdictionCentral
StatusIn force as published by the source

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