The mines ministry is looking to address the “issues and shortcomings” that come in the way of fixing the average sale price (ASP) of minerals.

The government has also sought suggestions from various stakeholders to overcome the issue till the National Mineral Index (NMI) is formulated for individual minerals.

The development assumes significance in the wake of miners’ body FIMI earlier urging the Centre to continue with the present system of average sale price (ASP) published by the Indian Bureau of Mines (IBM) which it said is the most effective and transparent way to ensure price discovery and revenue to the exchequer.

In April, the mines ministry had set up a committee to examine the double calculation of royalty due to its inclusion in the calculation of ASP of minerals and develop an NMI for the valuation of mineral resources as well as for the determination of value for the auction of mineral concessions and statutory payments for future auctions.

The committee has decided to “seek comments from the governments of states and Union Territories, mining industry, stakeholders, industry associations on the issues and shortcomings in the fixation of ASP and suggest measures to overcome these till an NMI is formulated for individual minerals”, the mines ministry said in a notice.