It seems like permit takes 6 months, meaning it's about time. I believe Balaton applied after settlement with Visa steel in September, 2009.
https://mines.nic.in/faq.html
Question:After applying for the mineral concession, how long does it take to know the decision?
Answer. As per MCR, 1960, the State Government should convey the decision on a mineral concession applied for as follows:
Reconnaissance Permits: 6 Months
Prospecting License : 9 Months
Mining Lease : 12 Months.
In case of delay, the State Governments are required to indicate the reasons for the delay in writing.
Also, in case the State Government does not find the application worthy of grant of the concession applied for, the law requires that the applicant should be given an opportunity of being heard before the application is rejected.