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Royalty Rates for Critical Minerals
October 16 , 2023
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- The Centre approved royalty rate for lithium, niobium, and for Rare Earth Elements (REEs).
- For lithium and niobium, a royalty rate of 3% each has been fixed, while for Rare Earth Elements (REEs), the rate has been set at 1%.
- For this, the Union Cabinet approved amendment of Second Schedule of the Mines and Minerals (Development and Regulation) Act, 1957 (MMDR Act).
- Prior to the amendment, the Second Schedule of the MMDR Act mandated a royalty rate of 12% of ASP for all minerals not specifically provided a royalty rate.
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