The Ministry of Mines, as a part of Energy Transition Working Group (ETWG), has been actively involved in the deliberations in G20 and was instrumental in ensuring that the role of Critical Minerals in Energy Transitions has been acknowledged by the G20 Community.
The Ministry of Mines has made an Amendment in the MMDR Act which came into effect from August, 2023 through which the power to auction 24 identified Critical Minerals is given to Central Govt.
Further to boost exploration, a provision has also been made for a new mineral concession mainly exploration license exclusively for the identified critical minerals including some deep-seated minerals. This is an effort by the Ministry of Mines to attract junior mining companies to India for exploration. The exploration activities in the country are being reoriented to give more emphasis on exploration of critical and strategic minerals. The financial incentive up to 25% of the approved cost of exploration is provided for critical & strategic minerals.
The incentive is provided through NMET (National Mineral Exploration Trust) and the public and private sector can avail the incentive on successful discovery of critical minerals
The Ministry of Mines is in the process of preparing a Policy for critical minerals which will include a road map for strengthening the supply chain of critical minerals. The strategy will also identify the responsibilities of different ministries of Govt. of India in ensuring the resilience of the supply chain of critical minerals.
The Ministry of Mines is also preparing a strategy for recycling of metals which will help to augment the recycling capability and streamline the recycling process and will also work with partner countries to co-develop mineral processing and raw material manufacturing capabilities.
By
KMA Team
