A First for India! Karnataka and Rajasthan Kick off Hunt for Critical Minerals
Critical and deep-seated minerals such as cobalt, lithium, nickel, gold, silver, and copper are difficult to explore and mine as compared to surficial or bulk minerals.
Karnataka and Rajasthan have announced auctions for exploration licences of critical and deep-seated minerals in a first for India. While Karnataka has commenced auction for one block of gold, copper, and lithium, Rajasthan will see auctions for three blocks of rare earth elements, rare metal, and potash minerals.
According to the Ministry of Mines, the two states launched the auction of exploration licenses on March 6. Exploration licence blocks are being auctioned for the first time in the country, it said.
The development comes after the amendment of the Mines and Minerals (Development and Regulation) Act, 1957 (the MMDR Act), in August 2023, which introduced a new mineral concession of exploration licences for 29 critical and deep-seated minerals, to bolster exploration and mining activities within the country.
Six states are in next in line, these include Andhra Pradesh, Chhattisgarh, Madhya Pradesh, and Maharashtra, said Pralhad Joshi, Union Minister for Mines during an interaction.
The Mines and Minerals (Development and Regulation) Act, 1957, was amended through the MMDR Amendment Act, 2023, with effect from 17.08.2023, inter alia, to introduce new mineral concession of exploration licence for 29 critical and deep-seated minerals to further boost exploration and mining of critical and deep-seated minerals in the country.
Critical and deep-seated minerals such as cobalt, lithium, nickel, gold, silver, and copper are difficult to explore and mine as compared to surficial or bulk minerals.
The exploration licence granted through auction shall permit the licensee to undertake reconnaissance and prospecting operations for critical and deep-seated minerals.
Exploration license aims to create an enabling mechanism wherein junior mining companies will bring in expertise from around the world in the acquisition, processing and interpretation of exploration data, and leverage the risk-taking ability in the discovery of deep-seated mineral deposits through the adoption of expertise and latest technologies.
#modernbusinessnetwork #modernusinessindia #modernbusinessamerica#modernbusinesseurope #modernbusinessasia #modernbusinessgulf#modernbusinessgermany#modernbusinessworld#rajasthan #Chhattisgarh#andhra Pradesh #amendment #PralhadJoshi
