The government on Sunday said it will finalise new royalty rates for major minerals other than coal, lignite and sand by August this year. Speaking to media, Mines Minister Dinsha Patel said it will boost revenues significantly. Mr Patel said a committee has been formed to review royalty rates and it is having extensive meetings with all stakeholders, including state governments. The minister informed by August, new royalty rates will come. Mr Patel said there are provisions for hiking the royalty rate in the newMines Bill that is likely to be passed by June.The new Mines and Minerals Development and Regulation (MMDR) Bill makes it mandatory for coal miners to share 26 per cent of their profit and others an amount equivalent to the royalty amount with project-affected people. AIR correspondent reports, the royalty rates for major minerals, including iron ore, are due for a revision this year and a 17-member study group is likely to submit its report at the beginning of next fiscal.