Indian Govt Sets New Royalty Rates for Auctioned Mines

Indian government has issued list of new royalty rates for mining leases being allotted through auction route.

In exercise of the powers conferred under sub-section (3) of section 9 of the Mines and Minerals (Development and Regulation) Act, 1957 (67 of 1957), the Central Government hereby make changes under the rate of royalty for respective minerals.

Iron ore-: India Govt. sets royalty on iron ore 13.5% for those whose mining lease granted through process of auction and 15% for those without auction process. This is for iron ore (Hematite) above 45% grade.

Manganese ore-: Similarly, Manganese ore for all grade rates of royalty sets for auctioned mines at 4.5% and mines without a process of auction pay 5% on avg. sales price.