The Ministry of Mines vide its notification dated 15th March 2022, has published the Minerals (Other than Atomic and Hydro Carbons Energy Minerals) Concession Amendment Rules, 2022 to further amend the Minerals (Other than Atomic and Hydro Carbons Energy Minerals) Concession Rules, 2016.
Through this amendment, a new formula has been notified which shall be used by Indian Bureau of Mines for arriving at the average sale price of Glauconite and Potash.
The following formula shall be used by Indian Bureau of Mines:
- Average Sale Price for Glauconite & Potash = Domestic price of Muriate of Potash (MOP) as published in the monthly bulletins of Department of Fertilizers, Government of India. X Percentage of K2O content in Glauconite/ Potash deposit. X 0.4 (conversion factor).
