The Ministry of Mines on December 01, 2023, issued the Draft Minerals (Other than Atomic and Hydro Carbons Energy Mineral) Concession (Second Amendment) Rules, 2023, to further amend the Minerals (Other than Atomic and Hydro Carbons Energy Mineral) Concession Rules, 2016.
The following provisions have been stated:
• 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”
(i) For sub-rule (3), the following sub-rule shall be substituted, namely:
"(3) Indian Bureau of Mines shall publish the average sale price of Tungsten Trioxide (W03) in Indian Rupees based on prices published by the United States Geological Survey (USGS) or other reputed publications for Tungsten concentrate for the latest available calendar year by multiplying such price of Tungsten concentrate with the following, namely:
(i) Average reference rate of Reserve Bank of India for the said calendar year, and
(ii) The conversion factor of 1.54."
This notification will come into force from the date of their publication in the Official Gazette.
For further details, kindly refer to the document attached.
[Notification No M.VI-16/47/2023-Mines VI]
