What is the significance of the Cabinet approving royalty rates for mining of Lithium, Niobium, and Rare Earth Elements strategic minerals

The significance of the Cabinet approving royalty rates for mining of Lithium, Niobium, and Rare Earth Elements strategic minerals can be summarized as follows: 1. Economic benefits: By setting royalty rates, the government can ensure a fair return on the extraction of these strategic minerals. It allows the government to generate revenue and invest in national development projects. 2. Resource management: Setting royalty rates helps regulate the extraction and consumption of these minerals, promoting sustainable mining practices. It discourages overexploitation and encourages responsible resource management. 3. National security: These minerals play a crucial role in various high-tech industries, including renewable energy, electric vehicles, and advanced technology. Establishing royalty rates ensures that these strategic resources are accessible and available for the country's economic and defense needs. 4. Sector growth: Setting competitive royalty rates can attract mining companies and investors, promoting a conducive environment for the growth of the mining industry. It encourages domestic and foreign investment, leading to job creation and economic growth. Overall, the approval of royalty rates for mining these strategic minerals by the Cabinet is significant for revenue generation, resource management, national security, and sector growth.