India considers lithium mining royalty at 3% of London Metal Exchange price
NEW DELHI (Reuters) – India’s federal government plans to fix the rate of royalty that mining companies must pay for extracting lithium at 3% of the prices prevailing at the London Metal Exchange (LME), two government sources said.
India, which has been exploring ways to secure supplies of lithium – a critical raw material used to make electric vehicle batteries – in February found its first lithium deposits in the federally administered region of Jammu and Kashmir. The government is expected to auction the newly found lithium blocks, with estimated reserves of 5.9 million tonnes, later this year.
