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These changes to the rules build on an earlier move to ease the issuing of mining leases and composite licences for 24 critical and strategic minerals, which are vital in key supply chains that include electric vehicle batteries, energy storage devices, and high-end motors.
The approval by the Union cabinet will enable the Centre to auction lithium, niobium and REE blocks for the first time in the country
The decision on the royalty rates for the three critical and strategic minerals was taken by the Union Cabinet chaired by Prime Minister Narendra Modi, says official
The auction rate for lithium has been decided at 3% of London Metal Exchange price, Niobium's at 3% of average sale price, and that of rare earth elements at 1% of average sale price of rare-earth oxide
New Delhi: The Centre on Wednesday said it has approved royalty rates of 3 per cent each for lithium and niobium and 1 per cent for Rare Earth Elements (REEs). The decision on the royalty rates for the three critical and strategic minerals was taken by the Union Cabinet chaired by Prime Minister Narendra Modi, according to an official statement. The royalty