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Date: 20-Feb-2024 Category: Extra Ordinary State: Union Government Country: India

Minerals (Other than Atomic and Hydro Carbons Energy Minerals) Concession (Second Amendment) Rules, 2024

Issued by Ministry of Mines · Not Applicable

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Executive Summary & Key Takeaways

Key Changes

  • Sub-rule (8) mandates the Indian Bureau of Mines (IBM) to publish average sale price of Beryllium in Indian Rupees based on prices published by the United States Geological Survey (USGS) or other reputed publications for Beryllium-copper master alloy for the latest available calendar year. This price is multiplied by the average reference rate of the Reserve Bank of India (RBI) for that calendar year and a conversion factor of 25.
  • Sub-rule (9) mandates the Indian Bureau of Mines (IBM) to publish average sale price of Tantalum in Indian Rupees based on prices published by the United States Geological Survey (USGS) or other reputed publications for Tantalite for the latest available calendar year. This price is multiplied by the average reference rate of the Reserve Bank of India (RBI) for that calendar year and a conversion factor of 1.22.
  • Sub-rule (10) mandates the Indian Bureau of Mines (IBM) to publish average sale price of Vanadium Pentoxide in Indian Rupees based on prices published by the United States Geological Survey (USGS) or other reputed publications for the Vanadium Pentoxide for the latest available calendar year. This price is multiplied by the average reference rate of the Reserve Bank of India (RBI) for that calendar year.
  • Rule 45 of the Minerals (Other than Atomic and Hydro Carbons Energy Minerals) Concession Rules, 2016 is amended.
  • Sub-rule (3) of Rule 45 is replaced with a new sub-rule that specifies how the Indian Bureau of Mines (IBM) will publish the average sale price of Tungsten Trioxide (WO3) in Indian Rupees. The price will be based on prices published by the United States Geological Survey (USGS) or other reputed publications for Tungsten concentrate for the latest available calendar year. This price is then multiplied by the average reference rate of the Reserve Bank of India (RBI) for that calendar year and a conversion factor of 1.54.
  • New sub-rules (7), (8), (9) and (10) are inserted after sub-rule (6) in Rule 45.
  • Sub-rule (7) mandates the Indian Bureau of Mines (IBM) to publish average sale prices in Indian Rupees for Cadmium, Gallium, Indium, Rhenium, Selenium, Tellurium, and Titanium based on prices published by the United States Geological Survey (USGS) or other reputed publications for the respective metals or forms (e.g., metal pellets, powder, sponge metal) for the latest available calendar year. These prices are multiplied by the average reference rate of the Reserve Bank of India (RBI) for that calendar year.

What it means

  • The gazette notification introduces the Minerals (Other than Atomic and Hydro Carbons Energy Minerals) Concession (Second Amendment) Rules, 2024. These rules amend the Minerals (Other than Atomic and Hydro Carbons Energy Minerals) Concession Rules, 2016, specifically concerning the method of calculating and publishing average sale prices for certain minerals.

Impact Analysis

Mining Companies

  • Action Item: Companies should ensure their internal systems are updated to reflect the new calculation methods for average sale prices.

Indian Bureau of Mines (IBM)

  • Action Item: IBM should ensure timely publication of the average sale prices to facilitate accurate financial reporting by mining companies.

Government Revenue

  • Action Item: The Ministry of Mines should monitor the impact of these changes on government revenue and make adjustments as necessary.

Investors

  • Action Item: Investors should analyze the potential impact of these changes on the financial models of mining companies in their portfolios.

Key Entities Referenced

Central Government: The entity issuing the notification and responsible for amending the Minerals (Other than Atomic and Hydro Carbons Energy Minerals) Concession Rules, 2016. Ministry of Mines: The government ministry responsible for the notification. Indian Bureau of Mines (IBM): The organization responsible for publishing the average sale prices of specified minerals. Reserve Bank of India (RBI): The central bank of India, which provides the average reference rate used in the price calculations. United States Geological Survey (USGS): A scientific agency of the United States government, which is a primary source of price data for the specified minerals. Mines and Minerals (Development and Regulation) Act, 1957: The principal legislation governing the regulation of mines and minerals in India. Section 13 provides the central government with the power to make rules for the regulation of mines and mineral development. Minerals (Other than Atomic and Hydro Carbons Energy Minerals) Concession Rules, 2016: The original set of rules that are being amended by this notification. These rules govern the granting of concessions for minerals other than atomic and hydrocarbon energy minerals.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-21022024-252262 CG-DxLx-xEG-I2D1H0x2x2x0 24-252262 xxxGIDExxx असाधारण EXTRAORDINARY भाग II—खण् ड 3—उप-खण्ड (i) PART II—Section 3—Sub-section (i) प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 107] नई दिल्ली, मगं लवार, फरवरी 20, 2024/फाल्ग नु 1, 1945 No. 107] NEW DELHI, TUESDAY, FEBRUARY 20, 2024/PHALGUNA 1, 1945 खान मत्रं ालय अजधसचू ना नई दिल्ली, 20 फरवरी, 2024 सा.का.जन. 118(अ).—केंद्रीय सरकार खान और खजनि (जवकास और जवजनयमन) अजधजनयम, 1957 (1957 का 67) की धारा 13 द्वारा प्रित्त िजियों का प्रयोग करते हुए, खजनि (परमाणु और हाइड्रो कार्बन ऊिाब खजनिों से जभन्न) ररयायत जनयम, 2016 का और संिोधन करन े के जलए जनम्नजलजखत जनयम र्नाती ह,ै अर्ाबत:् — 1. सजं िप्त नाम और प्रारंभ.— (1) इन जनयमों का संजिप्त नाम खजनि (परमाणु और हाइड्रो कार्बन ऊिाब खजनिों से जभन्न) ररयायत (िसू रा संिोधन) जनयम, 2024 ह।ै (2) य ेरािपत्र में इनके प्रकािन की तारीख को प्रवृत्त होंगे। 2. खजनि (परमाणु और हाइड्रो कार्बन ऊिा बखजनिों से जभन्न) ररयायत जनयम, 2016 म,ें जनयम 45 म,ें — (i) उप-जनयम (3) के स्ट्र्ान पर, जनम्नजलजखत उप-जनयम रखा िाएगा, अर्ाबत:् — “(3) भारतीय खान ब्यरू ो नवीनतम उपलब्ध कैलडें र वर्ब के जलए टंगस्ट्टन सांद्र के जलए संयिु राज्य भूवैज्ञाजनक सवेिण या अन्य प्रजतजित प्रकािनों द्वारा प्रकाजित मूल्यों के आधार पर टंगस्ट्टन सांद्र के ऐसे मूल्य को जनम्नजलजखत से गुणा करके भारतीय रुपय ेमें टंगस्ट्टन राइऑक्साइड (WO ) का औसत जवक्रय मूल्य प्रकाजित करेगा, अर्ाबत्: — 3 (i) उि कैलेंडर वर् ब के जलए भारतीय ररज़वब र्ैंक की औसत संिभब िर, और (ii) 1.54 का रूपांतरण कारक"; 1170 GI/2024 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] (ii) उप-जनयम (6) के पश्चात, जनम्नजलजखत उप-जनयमों को अतं : स्ट्र्ाजपत दकया िाएगा, अर्ातब ्:— “(7) भारतीय खान ब्यरू ो नवीनतम उपलब्ध कैलडें र वर् ब के जलए कैडजमयम धातु, गैजलयम धातु, इंजडयम धात,ु रेजनयम धातु छरों, सेलेजनयम पाउडर, टेल्यूररयम धातु और टाइटेजनयम स्ट्पंि धातु के जलए, यर्ाजस्ट्र्जत, संयिु राज्य भूवैज्ञाजनक सवेिण या अन्य प्रजतजित प्रकािनों द्वारा प्रकाजित मल्ू यों के आधार पर भारतीय रुपये म ें कैडजमयम, गैजलयम, इंजडयम, रेजनयम, सेलेजनयम, टेल्यूररयम और टाइटेजनयम के औसत जवक्रय मूल्य को उि कैलेंडर वर्ब के जलए भारतीय ररज़व ब र्कैं की औसत संिभ बिर से ऐसे मल्ू य का गणु ा करके प्रकाजित करेगा। (8) भारतीय खान ब्यरू ो नवीनतम उपलब्ध कैलडें र वर् ब के जलए र्ेररजलयम-तांर्ा मास्ट्टर जमश्र धात ु के जलए संयुि राज्य भूवैज्ञाजनक सवेिण या अन्य प्रजतजित प्रकािनों द्वारा प्रकाजित मूल्यों के आधार पर भारतीय रुपये में ऐसे मल्ू य को जनम्नजलजखत से गणु ा करके र्ेररजलयम का औसत जवक्रय मल्ू य प्रकाजित करेगा, अर्ाबत:् — (i) उि कैलेंडर वर् ब के जलए भारतीय ररज़वब र्ैंक की औसत संिभब िर, और (ii) 25 का रूपांतरण कारक"; (9) भारतीय खान ब्यूरो नवीनतम उपलब्ध कैलेंडर वर् ब के जलए टेंटालाइट के जलए संयुि राज्य भूवैज्ञाजनक सवेिण या अन्य प्रजतजित प्रकािनों द्वारा प्रकाजित मूल्यों के आधार पर भारतीय रुपय े में ऐसे मल्ू य को जनम्नजलजखत से गणु ा करके टेंटालम का औसत जवक्रय मल्ू य प्रकाजित करेगा, अर्ाबत:् — (i) उि कैलेंडर वर् ब के जलए भारतीय ररज़वब र्ैंक की औसत संिभब िर, और (ii) 1.22 का रूपांतरण कारक"; (10) भारतीय खान ब्यरू ो नवीनतम उपलब्ध कैलेंडर वर्ब के जलए वैनेजडयम पेंटोक्साइड के जलए संयिु राज्य भूवैज्ञाजनक सवेिण या अन्य प्रजतजित प्रकािनों द्वारा प्रकाजित मूल्यों के आधार पर भारतीय रुपये में उि कैलडें र वर्ब के जलए भारतीय ररज़वब र्ैंक की औसत संिभ ब िर से वैनेजडयम पेंटोक्साइड के ऐसे मल्ू य को गुणा करके वैनेजडयम पेंटोक्साइड के औसत जवक्रय मूल्य को प्रकाजित करेगा। [फा. सं. एम.VI-16/47/2023-खान VI] डॉ. वीणा कुमारी डरमल, संयुि सजचव रटप्पण : खजनि (परमाणु और हाइड्रो कार्बन ऊिाब खजनिों से जभन्न) ररयायत जनयम, 2016 को भारत के रािपत्र, असाधारण, भाग-II, खंड 3, उप-खंड (i) सा.का.जन. 279(अ), तारीख 4 माच,ब 2016 द्वारा प्रकाजित दकया गया र्ा और इसे अंजतम र्ार सा.का.जन. 50(अ), तारीख 21 िनवरी, 2024 द्वारा संिोजधत दकया गया र्ा। MINISTRY OF MINES NOTIFICATION New Delhi, the 20th February, 2024 G.S.R. 118(E).—In exercise of the powers conferred by section 13 of the Mines and Minerals (Development and Regulation) Act, 1957 (67 of 1957), the Central Government hereby makes the following rules further to amend the Minerals (Other than Atomic and Hydro Carbons Energy Minerals) Concession Rules, 2016, namely:— 1. Short title and commencement.— (1) These rules may be called the Minerals (Other than Atomic and Hydro Carbons Energy Minerals) Concession (Second Amendment) Rules, 2024. (2) They shall come into force on the date of their publication in the Official Gazette. 2. In the Minerals (Other than Atomic and Hydro Carbons Energy Minerals) Concession Rules, 2016, in rule 45, — (i) for sub-rule (3), the following sub-rule shall be substituted, namely:— “(3) The Indian Bureau of Mines shall publish average sale price of Tungsten Trioxide (WO ) in Indian 3 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:— (i) average reference rate of Reserve Bank of India for the said calendar year, and (ii) the conversion factor of 1.54.”;[भाग II—खण् ड 3(i)] भारत का रािपत्र : असाधारण 3 (ii) after sub-rule (6), the following sub-rules shall be inserted, namely:— “(7) The Indian Bureau of Mines shall publish average sale price of Cadmium, Gallium, Indium, Rhenium, Selenium, Tellurium and Titanium in Indian Rupees on the basis of prices published by the United States Geological Survey or other reputed publications for the Cadmium metal, Gallium metal, Indium metal, Rhenium metal pellets, Selenium powder, Tellurium metal and Titanium sponge metal, as the case may be, for the latest available calendar year by multiplying such price with average reference rate of Reserve Bank of India for the said calendar year. (8) The Indian Bureau of Mines shall publish average sale price of Beryllium in Indian Rupees on the basis of prices published by the United States Geological Survey or other reputed publications for the Beryllium-copper master alloy for the latest available calendar year by multiplying such price with the following, namely:— (i) average reference rate of Reserve Bank of India for the said calendar year, and (ii) the conversion factor of 25. (9) The Indian Bureau of Mines shall publish average sale price of Tantalum in Indian Rupees on the basis of prices published by the United States Geological Survey or other reputed publications for Tantalite for the latest available calendar year by multiplying such price with the following, namely:— (i) average reference rate of Reserve Bank of India for the said calendar year, and (ii) the conversion factor of 1.22. (10) The Indian Bureau of Mines shall publish average sale price of Vanadium Pentoxide in Indian Rupees on the basis of prices published by the United States Geological Survey or other reputed publications for the Vanadium Pentoxide for the latest available calendar year by multiplying such price of Vanadium Pentoxide with average reference rate of Reserve Bank of India for the said calendar year.”. [F. No. M.VI-16/47/2023-Mines VI] Dr. VEENA KUMARI DERMAL, Jt. Secy. Note : The Minerals (Other than Atomic and Hydro Carbons Energy Minerals) Concession Rules, 2016 were published in the Gazette of India, Part-II, Section 3, Sub-section (i) vide number G.S.R. 279(E), dated the 4thMarch, 2016 and lastly amended vide number G.S.R. 50(E), dated the 21st January, 2024. Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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