The Ministry of Mines on October 12, 2023, issued the Minerals (Other than Atomic and Hydro Carbons Energy Mineral) Concession (Amendment) Rules, 2023 to further amend the Minerals (Other than Atomic and Hydro Carbons Energy Mineral) Concession Rules, 2016.
The following amendments are as stated:
• In rule 44, which states “Average sale price of metal” after clause (i), the following clause has been inserted, namely:
"(ia) In respect of Lithium, the equivalent lithium metal prices calculated based on the weekly prices of lithium hydroxide monohydrate or another appropriate compound of lithium published by the London Metal Exchange in a month shall be multiplied by the reference rate for the day of publication of the Reserve Bank of India or any agency authorized by the Reserve Bank of India, for the currency in which the price is obtained.”;
• In rule 45, which states “Formula for calculating average sale price for metallurgical grade Bauxite to be used in alumina and aluminum extraction, Limestone, Tungsten” after sub-rule (4), the following sub-rule has been inserted, namely:
“(5)(a) The Indian Bureau of Mines shall publish the average sale price of Rare Earth Oxide in Indian Rupees based on prices published by the United States Geological Survey (USGS) or other reputed publications by multiplying the price of Rare Earth Oxide by average reference rate of Reserve Bank of India for the month for the currency in which the price is obtained and in case the price of Rare Earth Oxide is not available on monthly basis, the average sale price shall be published based on price of Rare Earth Oxide for the last available calendar year.
(b) The State Government shall arrive at an average sale price of the ore containing Rare Earth Elements in the following manner, namely:
The average sale price of the ore containing Rare Earth Elements = Sum of (percentage of individual rare earth oxide contained in the ore multiplied by the average sale price of that rare earth oxide published by the Indian Bureau of Mines).
(6) The Indian Bureau of Mines shall publish the average sale price of Niobium in Indian Rupees based on prices published by the United States Geological Survey (USGS) or other reputed publications for Ferro-Niobium for the last available calendar year by multiplying such price with the following, namely:
(i) Average reference rate of Reserve Bank of India for the said calendar year, and
(ii) the conversion factor of 1.59.”
This notification will come into force from October 12, 2023.
[Notification No G.S.R. 737(E)]
