Section 19 in Jharkhand Minor Mineral (Auction) Rules, 2017
19. Performance Security for Composite Licence.
(1)An amount of 0.25% of the value of estimated resources shall be payable by the preferred bidder as performance security prior o the issuance of the Composite Licence.(2)The amount of performance security shall be revised, prior to the issuance of the mining lease, to an amount of 0.50% of the value of estimated resources.(3)The performance security provided under sub-rule (2) shall be adjusted every five years so that it continues to correspond to 0.50% of the reassessed value of estimated resources.(4)The performance security may be invoked as per provisions of,-(i)the Mine Development and Production Agreement and(ii)the Mining Lease Deed.
