Minerals (Other than Atomic and Hydro Carbons Energy Mineral) Concession (Amendment) Rules, 2023

Central Government vide notification dated 12th October, 2023 has issued the Minerals (Other than Atomic and Hydro Carbons Energy Mineral) Concession (Amendment) Rules, 2023 to provide following directions regarding pricing atomic minerals:

1. In the Mine In respect of Lithium, the equivalent lithium metal prices calculated on the basis of the weekly prices of lithium hydroxide monohydrate or other appropriate compound of lithium published by 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 authorised by the Reserve Bank of India, for the currency in which the price is obtained.
2. The Indian Bureau of Mines shall publish average sale price of Rare Earth Oxide in Indian Rupees on the basis of prices published by 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 on the basis of price of Rare Earth Oxide for the last available calendar year.
3. The State Government shall arrive at average sale price of the ore containing Rare Earth Elements by computing Sum of (percentage of individual rare earth oxide contained in the ore multiplied by average sale price of that rare earth oxide published by Indian Bureau of Mines).