New Delhi,
The union mines ministry have not concluded any thing on proposed hike in royalty on minerals like Iron ore, Bauxite, Manganese ore, in a meeting which was held on 26th of April 2013.
Although there is no official confirmation but sources close to ministry mention that hike in royalty on iron ore is on the cards and expected to be made to 15% on ad valorem basis soon.
The last increase in royalty rate of iron ore was made in August, 2009 and according to the provisions of the Mines and Mineral (Development and Regulation) Act, 1957, the rates can get revised after three years, if necessary.
On the other hand miners in Odisha have also confirmed that ministry is keen to increase royalty on iron ore to 15% and if done so, it will be applicable from April 2013. Some miners also reported to have closed their sales till they get firm confirmation on change in royalty rates.
Current royalty rates on
Iron Ore– 10% on Ad-Valorem Basis
Manganese Ore– 4.2% on Ad-Valorem Basis
Chrome Ore– 10% on Ad-Valorem Basis
Bauxite-0.5% of LME Exchange Aluminium Metal Price
Dolomite-Rs 63 per Tonne
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