Section 12 in Jharkhand Minor Mineral (Auction) Rules, 2017
12. Performance security for mining lease.
(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 II 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.
