On 15th March, 2022, Ministry of Mines notified Minerals (Other than Atomic and Hydro Carbons Energy Minerals) Concession Amendment Rules, 2022 which amends rules of Minerals (Other than Atomic and Hydro Carbons Energy Minerals) Concession Rules, 2016 to provide changes for the State Government granting mineral concessions to calculate the average sale price of metallurgical Bauxite. The rules shall come into force from 15th March, 2022.
Other minerals other than alumina and aluminium extraction, Limestone, Tungsten are added to the list of metals in which metallurgical grade Bauxite.
The Indian Bureau of Mines shall publish the average sale price of each mineral/metal in Indian Rupees. The simple average for the month of the daily prices of the metal worked out in Indian Rupees shall be published as the average sale price of the said metal for that particular month.
In Rule 45, following amendments are to effected in parent Rules–
- the following sub-rule has been inserted:
“(4) The following formula shall be used by Indian Bureau of Mines for arriving at the average sale price of Glauconite and Potash:
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. * Percentage of K2O content in Glauconite/ Potash deposit. * 0.4 (conversion factor).”