The Union Cabinet on 9th March 2022 has approved the proposal of the Ministry of Mines for amendment of Second Schedule of the Mines and Minerals (Development and Regulation) Act, 1957 for specifying the rate of royalty in respect of Glauconite, Potash, Emerald, Platinum Group of Metals (PGM), Andalusite, Sillimanite and Molybdenum.
The Ministry had proposed reasonable rates of Royalty in order to encourage better participation in auction, which has been approved by the Union Cabinet. These rates have been fixed after extensive consultations with the State Governments and various Ministries/ Department of the Central Government. The Ministry of Mines will also provide methodology for calculation of Average Sale Price (ASP) of these minerals required for enabling auction of these mineral blocks.
Minerals like Glauconite and Potash are used as fertilizer in agriculture. Platinum Group of Metals (PGM) are high value metal used in various industries and new innovative applications. Minerals like Andalusite, molybdenum are vital minerals used in industrial applications.
