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The Centre intends to transfer additional mineral blocks to State governments for auction to lower imports of critical minerals. The Union Minister of Coal and Mines and Parliamentary Affairs, Pralhad Joshi, stated that around 87 mineral exploration reports were submitted, comprising 37 G4 geological memorandums and 50 G2 and G3 reports.
The guidelines for implementing the exploration licence (EL) regime were announced, and 20 mineral blocks were approved. Additionally, thirteen studies on offshore mineral blocks were put up for auction. The Department of Atomic Energy received 16 more heavy mineral blocks, while the Administering Authority received five blocks of construction sand.
The minister said that the government will keep prioritising vital resource exploration. “The recent reforms have led to ease of doing business in the mining sector. The ministry placed 20 critical mineral blocks for auction last month to support the shift to green energy. It will support the energy transition and create opportunities for State governments to earn more revenue,” Joshi said on Tuesday during the second State Mining Ministers’ conference organised in Bhopal.
India has stepped up its efforts to secure critical mineral supplies, including signing agreements with overseas governments. Lithium, cobalt, copper, nickel and rare earth elements (REEs) are some of the critical minerals on India’s radar.
Also Read : New Mining Cess Could Heighten Cost Pressures for Steel Producers, Warns ICRA India launches second part of critical minerals auction worth $362 Bn
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