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Government launches initiative to develop a national iron ore price index.
Aims to standardize pricing and ensure fair royalty assessments.
Expected to enhance transparency and investor confidence in the mining sector.
In a significant move to streamline the iron ore sector, India’s Ministry of Mines has initiated the development of a national iron ore price index. This indigenous index aims to standardize pricing across the country, addressing inconsistencies in royalty calculations and enhancing transparency in the mining industry.
Currently, iron ore prices are determined through various methods, including self-declarations by mining companies and reports from the Indian Bureau of Mines. This fragmented approach has led to discrepancies in pricing, affecting royalty payments to state governments and creating challenges in revenue collection.
The proposed index seeks to consolidate pricing data, providing a unified benchmark for iron ore grades across different regions. By doing so, it aims to ensure fair royalty assessments and reduce disputes between miners and regulatory bodies.
Furthermore, the initiative is expected to bolster investor confidence by offering a more predictable and transparent pricing mechanism. It aligns with the government's broader efforts to modernize the mining sector and promote sustainable practices.
Industry stakeholders have welcomed the move, anticipating that the new index will lead to more equitable and efficient operations within the iron ore market.
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