Mineral classification determines tax incentive eligibility for prospecting and extraction, preserving continuity but requiring clearer definitions.
Statutory classification of minerals determines which mineral activities qualify for tax incentives under income tax law by listing specified minerals and associated groups; SCHEDULE XII (2025) reproduces SCHEDULE 07 (1961) verbatim in substance, enumerating 27 minerals and 16 associated groups as the determinative reference for eligibility of capital expenditure on prospecting, extraction and processing, while leaving interpretive issues (broad terms, technical thresholds, typographical inconsistencies) that may require periodic review and clearer definitions.