Modi's govt's masterstroke to shock China! prepares Rs 60000000000 plan for rare earth magnet, no more dependency on…
China has recently stopped the supply of rare earth magnets and has created a crisis for Indian industries. The government has already started taking multiple measures to address the situation of acquiring rare earth assets abroad. As part of this effort, the government is set to introduce changes to mining laws this week. After these changes it will become easier for the companies to raise funds for acquiring critical mineral assets overseas. What's Govt's Plan To Obtain Rare Earth Magnets?
A senior official told The Economic Times that the proposal has already been approved within the government. The amendment bill to the Mines and Minerals (Development and Regulation) Act may be tabled in Parliament as early as Monday. The government plans to use funds from the National Mineral Exploration Trust (NMET) for purchasing these assets abroad. The trust currently holds over Rs 6,000 crore, collected from mining leaseholders who contribute 2% of their royalty payments to it.
According to the proposal, the trust's name will be modified to include the word 'Development,' and expand its role in the exploration, acquisition, and development of critical mineral resources overseas. The goal is to improve the supply of essential minerals. The last amendment to this law was made in 2023. This revision will address the shortage of raw materials for critical minerals and also help to fund new acquisitions. The government is also planning to allow the one-time sale of mineral waste generated from captive mines. How Will It Help Industries?
The amendments will allow states to permit the sale like waste from leased areas for an additional fee. Other proposals are to simplify the rules like if a new mineral is discovered, it can be added to an existing mining lease upon payment of a fee. Similarly, if a leaseholder has rights to deep-seated mineral resources, they may apply to include adjoining areas in their lease. This option can be used only once, and the lease area cannot be expanded by more than 10%.
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