A Group of Ministers (GoM) headed by Finance Minister Pranab Mukherjee has approved a new Mining Bill with 26 per cent profit-sharing mechanism for the Coal sector. It means Coal companies will have to share 26 per cent profit with the local population. The new mining bill which was approved by the GoM on Thursday, will put around 10,000 crore at the disposal of the exchequer per annum for distribution in nearly 50 top districts of the tribal areas where mining activity generally takes place.Speaking to reporters after the GoM meeting, Mining Secretary Vijay Kumar said the GoM was unanimous in its decision to approve the Mining Bill in its final form. Mr Kumar said after being approved by the Cabinet, the Bill will be placed in the Parliament. AIR correspondent reports, the new legislation proposes to set up district level bodies called district mineral foundation and non-profit corporate bodies to oversee disbursal of compensation to local families affected by mining projects.