(1)The State Government shall specify in the tender document the minimum percentage of the value of mineral despatched, which shall be known as the "reserve price".(2)The value of mineral despatched shall be an amount equal to the product of,-(i)mineral despatched in a month; and(ii)sale price of the mineral (grade-wise and State-wise) as published by Indian Bureau of Mines for such month of despatch.(3)The bidders shall quote, as per the bidding parameter, for the purpose of payment to the State Government, a percentage of value of mineral despatched equal to or above the reserve price and the successful bidder shall pay to the State Government, an amount equal to the product of,-(i)percentage so quoted; and(ii)value of mineral despatched.(4)Where an area is being auctioned for more than one mineral, the percentage of value of mineral despatched as quoted by the successful bidder under sub-rule (3) shall be applicable for the purpose of payment to the State Government in respect of each such mineral.(5)If subsequent to grant of a mining lease, one or more new minerals are discovered, the percentage of value of mineral despatched as quoted by the successful bidder under sub-rule (3) shall be applicable for the purpose of payment to the State Government in respect of each such mineral.
