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In accordance with United States Geological Survey (USGS) publications, the Indian Bureau of Mines will publish the average sale price (ASP) of critical minerals, including tellurium, cadmium, gallium, indium, rhenium, tin, titanium, beryllium, tantalum, vanadium, and tungsten trioxide. The Minerals (Other than Atomic and Hydro Carbons Energy Minerals) Concession Rules, 2016 were amended, requiring this.
According to a gazette notification, the price will be arrived in Indian Rupees after multiplying the USGS price with the average reference rate published by the Reserve Bank of India (RBI). In the case of certain minerals, the price will also be multiplied by a conversion factor to suit local requirements.
For Beryllium, a conversion factor of 25 has been fixed over the USGS published price for Beryllium-copper master alloy. The conversion factor for Tantalum is 1.22 times over Tantalite price, and for Tungsten Trioxide it is 1.54 times over Tungsten concentrate rate. This development is in line with a government push to auction mines containing critical minerals in the country.
Earlier this year, the Centre had also notified changes to the mineral auction rules, capping the upfront payment for extraction of minerals at ₹500 crore while also barring affiliates from bidding for the same block. Bids placed by affiliates of companies, who have explored a block being auctioned, will be made public to ensure a level playing field for other bidders. The government recently listed 24 minerals as strategic and critical for the country. It is offering 20 mines in this round of bids.
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