Section 57 in Gujarat Minor Mineral Concession Rules, 2017
57. Upfront payment and performance security for minerals specified in Part - I of Schedule III.
- In case of minerals specified in Part A-I of Schedule III, the upfront payment to be made under rule 9 and the performance security to be furnished under rule 10 shall each be for an amount equal to the aggregate of:(a)fifty per cent of the estimated annual royalty payable for the first year of the lease which shall be a product of the: (i) royalty for the mineral(s) per metric tonne; and (ii) estimated quantity of mineral resources being auctioned expressed in metric tonne divided by the tenure of the lease; and(b)fifty per cent of the estimated annual auction premium payable for the first year of the lease which shall be a product of the: (i) highest final premium offer; and (ii) value of estimated resources divided by the tenure of the lease.
