The Bandar Diamond Project in Chhatarpur district of Madhya Pradesh will accelerate the pace of industrial development in the adjoining area. Essel Mining has bagged this block which will promote business activities in and around the project sector, besides, a large number of employment opportunities are expected to be created.
Most importantly, the direct benefit of this project will also go to Chhatarpur, because some funds will be allocated only for this district. The Bandar Project will contribute about Rs 650 crore to Chhatarpur District Mineral Foundation (DMF) during its lease period. This amount can be spent for the development of buxwaha.
Some major amendments were made to the Mines and Minerals Act, 1957 in March 2015. Under this, District Mineral Foundation (DMF) was launched to ensure welfare of mining affected communities including tribals. Mining companies have to pay the prescribed amount on the basis of their royalty payment to the DMF trust of the district where the mine is located. As per this policy, Chhatarpur District Mineral Foundation will get about Rs 640 crore.
Bandar Diamond Block is a greenfield mining project which will lead to production of about 30 lakh carats of raw diamonds. According to the tender, the block was auctioned at a revenue share price of 30.05%. During the tenure of this project, the Government will get a revenue of Rs 28000 crore. The local people will also get new employment opportunities and this is why they have welcomed the government's development projects and regional development and industrialization initiatives.