Updated on 17 Jun 2026
The Minerals (other than Atomic & Hydro Carbons Energy Minerals) Concession (Amendment) Rules, 2023 establish a methodology for the determination of the ASP for Lithium, Rare Earth Oxides, Rare Earth Element-containing ores, and Niobium. This amendment empowers the IBM to release mineral prices on the basis of international market data and RBI exchange rates, thereby maintaining transparency, consistency, and scientific assessment of critical and strategic minerals in India.
The Minerals (Other than Atomic and Hydro Carbon Energy Minerals) Concession (Amendment) Rules, 2023, issued on 12 October 2023 by the Ministry of Mines have amended the Minerals Concession Rules, 2016 to incorporate mechanisms that are transparent with regards to mineral pricing in respect of strategic and critical minerals. The amendment has introduced mechanisms for calculating equivalent price of Lithium metal by taking into consideration the prices of Lithium Hydroxide Monohydrate or any other recognized Lithium compound in accordance with the London Metal Exchange and then converted into value using the RBI reference exchange rate. Moreover, the Indian Bureau of Mines has also been authorized to publish the Average Sale Price of Rare Earth Ores and Niobium based on the prices published in the US Geological Survey report or any other renowned international publication. Moreover, the methodology for determination of ASP of ores with Rare Earth Elements has also been incorporated into the rules.