Prior to this decision, there was no royalty rate specified for these minerals and it was pegged at 12% of the average sale price (ASP), similar to other unspecified ones. It has now been decided that royalty for lithium will be 3% of London Metal Exchange price.
India News: The government on Wednesday approved the royalty rates for mining of three critical and strategic minerals - lithium, niobium and rare earth elements
Niobium, often overshadowed by more well-known elements, is emerging as a silent hero in the world of science and technology. Beyond its conventional uses, niobium is driving innovations across various industries, with a particular spotlight on its role in next-generation memory technology.