The Ministry of Mines on February 20, 2024, issued the Minerals (Other than Atomic and Hydro Carbons Energy Minerals) Concession (Second Amendment) Rules, 2024, to further amend the Minerals (Other than Atomic and Hydro Carbons Energy Minerals) Concession Rules, 2016. The following amendments have been stated: In rule 45, which states “Formula for calculating average sale price for metallurgical grade Bauxite to be used in alumina and aluminium extraction, Limestone, Tungsten”, (i) For sub-rule (3), the following sub-rule shall be substituted, namely: “(3) The Indian Bureau of Mines shall publish the average sale price of Tungsten Trioxide (WO3) in Indian Rupees on the basis of prices published by the United States Geological Survey or other reputed publications for Tungsten concentrate for the latest available calendar year by multiplying such price of Tungsten concentrate with the following, namely: a. Average reference rate of Reserve Bank of India for the said calendar year, and b. The conversion factor of 1.54.”;
[2]