Explained | How does the Mines and Mineral Bill 2023 plan to bring the private sector into mineral exploration?
1 year, 7 months ago

Explained | How does the Mines and Mineral Bill 2023 plan to bring the private sector into mineral exploration?

The Hindu  

The story so far: On August 2, Parliament passed the Mines and Minerals Amendment Bill, 2023, in a bid to attract private sector investment in the exploration of critical and deep-seated minerals in the country. Not many significant mineral discoveries have taken place in the country in the last couple of decades and a majority of exploration projects have been carried out by the government agency Geological Survey of India and other PSUs like Mineral Exploration Corporation Limited, with very little private sector participation. A CSEP discussion note from June this year notes that India recognised the need for private and foreign investment in the mining sector including mineral exploration back in 1993, amending the Act next year to allow interested parties to apply for mineral concessions through a First Come First Served basis. Later, private companies could also get Prospecting Licences or Mining Leases, and could even apply for early-stage or greenfield exploration through Reconnaissance Permits.

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History of this topic

Cabinet nod to critical minerals mission in green energy boost
Trending News
2 months ago

Cabinet nod to critical minerals mission in green energy boost

Hindustan Times  

The union cabinet chaired by PM, Narendra Modi has approved the launch of National Critical Mineral Mission to establish an effective framework to make India self-reliant in critical minerals— key for the renewable energy sector, particularly for solar panels, wind turbines, batteries and electric vehicles. Cabinet nod to critical minerals mission in green energy boost The mission, with an expenditure …

Government kicks in critical mineral mission with Rs 34k crore outlay
2 months ago

Government kicks in critical mineral mission with Rs 34k crore outlay

New Indian Express  

Critical minerals like copper, lithium, nickel, cobalt, and rare earth elements are essential raw materials that fuel the growth of clean energy technologies. As per the scheme, the fund will be used to secure both domestic and foreign sourcing of India’s critical mineral supply chain, ensuring an adequate availability of these minerals within the country. According to the government, the …

Government approves National Critical Minerals Mission with outlay of ₹34,300 crore in 7 years
Top News
2 months ago

Government approves National Critical Minerals Mission with outlay of ₹34,300 crore in 7 years

The Hindu  

The government on Wednesday approved a ₹16,300-crore National Critical Mineral Mission, envisaging a total outlay of ₹34,300 crore spread over seven years, with an aim to achieve self-reliance and accelerate India’s journey towards green energy transition. According to a release by the mines ministry, public sector enterprises are expected to contribute ₹18,000 crore to the mission which aims at promoting …

Crucial intervention for critical minerals
3 months ago

Crucial intervention for critical minerals

New Indian Express  

After making a string of well-thought policy moves to increase the mining and processing of critical minerals over the last few years, the government recently found it needs to do more. The International Energy Agency estimated that demand for these minerals would double by 2030 and quadruple by 2040 to meet the Paris climate agreement’s goals. Though the Geological Survey …

New round of actions for critical minerals security
4 months, 4 weeks ago

New round of actions for critical minerals security

China Daily  

Visitors look at models of mining equipment during the 25th China Mining Conference and Exhibition at Tianjin Meijiang Convention Center in North China's Tianjin, Oct 26, 2023. Although the global strategic mineral output has grown rapidly, and lithium, cobalt and nickel are in oversupply, the trade volume has dropped significantly in recent years, and the stock prices of strategic mineral …

Government announces Critical Mineral Mission for producing and recycling minerals like lithium, cobalt, nickel
8 months, 1 week ago

Government announces Critical Mineral Mission for producing and recycling minerals like lithium, cobalt, nickel

Hindustan Times  

The government on Tuesday proposed to launch a mission to give fillip to the domestic output of critical minerals like copper and lithium, their recycling as well as acquisition of such assets abroad. Presenting Union Budget for 2024-25, Finance Minister Nirmala Sitharaman also said the government will launch the auction of the first round of offshore mining blocks. Critical minerals …

The race to net zero relies on critical minerals, driving mining sector to seek more cash from federal budget
10 months, 3 weeks ago

The race to net zero relies on critical minerals, driving mining sector to seek more cash from federal budget

ABC  

In short: Australia has some of the world's best-known critical mineral deposits. Common use infrastructure, tax credits and streamlined approvals processes are at the top of the critical minerals sector's wish list for next week's federal budget. In Perth this week, Prime Minister Anthony Albanese acknowledged the importance of getting the most out of Australia's world-leading critical minerals deposits that, …

Centre allows notified private exploration agencies to participate in critical mineral blocks auction
1 year, 3 months ago

Centre allows notified private exploration agencies to participate in critical mineral blocks auction

The Hindu  

The Mines Ministry on December 15 said it has permitted notified private exploration agencies to participate in the auction of critical and deep-seated mineral blocks explored by them. The Ministry further said it has also launched a new scheme to directly sanction projects for the exploration of critical and deep-seated minerals to notified private exploration agencies. "Ministry of Mines has …

Parliament passes bill permitting private agencies to mine atomic minerals: All you need to know
1 year, 8 months ago

Parliament passes bill permitting private agencies to mine atomic minerals: All you need to know

India TV News  

The Parliament on Thursday passed the Mines and Minerals Amendment Bill, 2023 which will allow private sector to mine key atomic minerals including lithium, and deep-seated minerals including gold, silver, copper and zinc. What is Mines and Minerals Amendment Bill, 2023 The bill will provide a grant of production lease to the private sector through auction through a competitive bidding …

Bill permitting private agencies to mine atomic minerals cleared
1 year, 8 months ago

Bill permitting private agencies to mine atomic minerals cleared

Hindustan Times  

Parliament on Wednesday passed the Mines and Minerals Amendment Bill, 2023 that allows the private sector to mine key atomic minerals, including lithium, and deep-seated minerals such as gold, silver, copper and zinc. It also removes certain minerals from the list of atomic minerals – lithium, beryllium, titanium, niobium, tantalum and zirconium, which are technology and energy critical and have …

Addressing vulnerabilities in the supply chain of critical minerals
1 year, 11 months ago

Addressing vulnerabilities in the supply chain of critical minerals

Hindustan Times  

The theme of India’s G20 presidency in 2023 – Vasudhaiva Kutumbakam – affirms the value of all life – humans, animals, plants, and microorganisms– and their interconnectedness. It found that there is no set list of critical minerals across different geographies, and each country identifies critical minerals based on their level of economic development, nationally available resources, and technology choice. …

Priority to exploration of mineral blocks paying dividends: Union minister
2 years, 6 months ago

Priority to exploration of mineral blocks paying dividends: Union minister

Deccan Chronicle  

HYDERABAD: Union mines minister Prahlad Joshi on Friday said that exploration of mineral blocks has been facilitated in order to aid auction of blocks to investors. Mines ministers from 11 states, principal secretaries, special secretaries and top officials of union ministry of coal, mines and steel, notified private exploration agencies and others were present at the conference. The theme of …

India’s mining sector to witness reforms, flurry of activities in 2021
4 years, 3 months ago

India’s mining sector to witness reforms, flurry of activities in 2021

Hindustan Times  

The country’s mining sector will see “hectic activities” in the new year with the central government’s approvals for pending mining reforms expected in January itself and efforts continuing to bolster overall mineral output. The country’s mining sector will see “hectic activities” in the new year with the central government’s approvals for pending mining reforms expected in January The reforms will …

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