According to two people aware of the development, the Indian government is selling its newly discovered lithium and other rare earth minerals.
The government has initiated a plan to auction newly discovered lithium and other rare earth minerals later this year, with the mines ministry proposing an amendment to mineral concession rules 2016 to determine the methodology for fixing the value of the estimated resources.
The methodology for the calculation of average sale price (ASP) and value of estimated resources (VER) of rare earth elements (REE) and lithium is important for auctioning the new mines as it forms the basis of determining the bid parameters and auction premium, two people aware of the development said, requesting anonymity.“The mines ministry has put draft amendment rules (to determine the methodology for ASP and VER for stakeholder consultation. The amendment would be finalized by July so that states and Union territories auctioning REE and Lithium mines adopt it t...