The Mines Ministry has proposed alterations in royalty rates for several minerals including graphite, limestone, and low-grade iron ore to attract investment and promote beneficiation. A 50% royalty hike for specific non-auctioned minerals and a new 10% royalty slab for iron ore with less than 58% Fe content have been introduced. View More

The Mines Ministry has proposed a rejig in royalty rate for Graphite, Limestone, Limekankar, Limeshell, Marl, Dolomite and low-grade iron ore . In a notice for public consultation, the ministry said it is also proposing measures to promote beneficiation of low-grade Hematite Iron Ore. For the first time, royalty rates for Rubidium have also been specified. Trump-Modi MeetThe mega MIGA, MAGA plans of India's Modi and US' TrumpTrump says India has more tariffs than othersTrump's 'golden rule' for imposing reciprocal tariffs These changes have been proposed as an amendment of the second schedule to the Mines and Minerals (Development and Regulation) Act, 1957. For limestone, limekankar, limeshell, marl and dolomite, a 50% hike in royalty rate has been proposed for production from non-auctioned mines. No change has been made in the royalty rates for auctioned mines of these minerals. The notice said royalty rates for Graphite ore with 80% or more fixed carbon, may be kept at 4% of average sale price (ASP) on ad valorem basis. This is expected to attract investment in the sector. For graphite ore with less than 80% fixed carbon, royalty has been proposed at 12% of ASP on ad valorem basis. A royalty rate at 2% of the ASP has been proposed for Rubidium. The mineral has not been mined in India till date, but discoveries have been established. The ASP of Rubidium would be calculated on the price of Rubidium Carbonate published by the United States Geological Survey. 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An Inter-Ministerial Committee constituted by the Ministry of Mines to observed that high-grade Iron Ore constitutes only 23.4% of total reserves and 66.5% of total Iron Ore in India are of medium and low-grade category that needs to be processed before utilization. To encourage the beneficiation of lower grades, a new slab of 10% royalty rate has been introduced for iron ore with less than 58% Fe content. Royalty for higher grade iron ore will continue to be charged at 15%. (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)