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UPDATE 1-India govt panel to have final meet on new mine bill

NEW DELHI, Nov 12 (Reuters) - A government panel is set to hold a final meeting on the draft of a new mining bill that will be introduced in the ongoing session of parliament, Mines Minister B.K. Handique said on Friday. India, the third biggest exporter of iron ore in the world, is shaping a new mining bill under which it wants miners to share 26 percent of their profits with displaced local residents or give them equity. "Any day, final sitting will be held," Handique told reporters. "We have been asked by the group of ministers to submit the final draft." The winter session of Indian parliament began on Nov. 9 and will run until Dec. 13. "There are some changes. Twenty-six percent (profit sharing plan) is there so far," the minister said. Handique said state-run Hindustan Copper, set to launch a share offer this month, will be a part of a team that will go to Afghanistan in April to look at the possibility of mining copper ores. The offer will be for 1.84 million shares, or 18.08 percent of post-issue equity. Handique said the share sale would see a "limited response," when asked whether Hindustan Copper's offer would be successful like that of state-run miner Coal India. Last month, Coal India's $3.4 billion initial public offer was subscribed by 15 times. (Reporting by Ruchira Singh; editing by Tony Munroe) ((ratnajyoti.dutta@thomsonreuters.com; Tel: +91-11-4178-1013 Reuters Messaging: ratnajyoti.dutta.reuters.com@reuters.net)) Keywords: INDIA HCL/ (If you have a query or comment on this story, send an email to newsfeedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved.

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