India has approved a proposal that specifies the royalty rates for glauconite, potash, emeralds, and the platinum group of metals, among others, paving the way to auction blocks for these minerals for the first time, according to a statement by the Press Information Bureau.
Many state governments have identified mineral blocks for auctions, and the proposed royalty rates in the nation’s mines and minerals act will boost participation in the auctions, which are expected to help the country reduce imports.