The Centre on Wednesday said it has approved royalty rates of 3 per cent each for lithium and niobium and 1 per cent for Rare Earth Elements (REEs).
The decision on the royalty rates for the three critical and strategic minerals was taken by the Union Cabinet chaired by Prime Minister Narendra Modi, according to an official statement.
The approval by the Cabinet will enable the Centre to auction lithium, niobium and REE blocks for the first time in the country, it said.
The royalty rate on minerals is an important financial consideration for bidders during auction of mines.
