Skip to content
- Union cabinet has approved royalty rates for mining of three critical and strategic minerals.
- These critical and strategic minerals are Lithium, Niobium, and Rare Earth Elements (REEs).
- The approval of royalty rates will allow the central government to auction blocks for these minerals for the first time.
- The royalty rate would be 3% of the London Metal Exchange price for Lithium.
- The royalty rate would be 3% of the Average Sale Price for Niobium.
- The royalty rate of Rare Earth Elements would be 1% of Average Sale Price of Rare Earth Oxide.
- In July 2023, the Mines and Minerals (Development and Regulation) Amendment Act 2023 was passed in the Parliament.
- It delisted six minerals, including Lithium and Niobium, from the list of atomic minerals.
- Thus it enabled the grant of concessions for these minerals to the private sector through auction.
error: Content is protected !!
