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Govt likely to amend laws to let firms explore critical minerals overseas
Govt likely to amend laws to let firms explore critical minerals overseas

Business Standard

time3 days ago

  • Business
  • Business Standard

Govt likely to amend laws to let firms explore critical minerals overseas

India is planning to amend the Mines and Minerals (Development and Regulation) Amendment Act 2023 to specify the use of funds currently earmarked at ₹5,600 crore for exploring critical mineral mines overseas, according to a top official. The proposed amendments also aim to introduce a tailings policy and modify the royalty structure to facilitate the extraction of critical minerals from waste materials, the official added. These changes are expected to advance the National Critical Minerals Mission (NCMM), which focuses on securing supplies of these strategically important minerals for commercial use. The NCMM has an allocated budget of ₹16,300 crore over seven years, from FY 2024–25 to FY 2030–31, with an additional ₹18,000 crore expected to be invested by Central Public Sector Enterprises (CPSEs). The NCMM also includes initiatives to promote the recovery of critical minerals from tailings through various technologies. 'Critical minerals require certain amendments in the act. We will make some amendments in the monsoon session,' the official quoted above said. The MMDR Act, 1957, has been amended in 2015, 2016, 2020, 2021 and 2023. On 2 August, Parliament passed the MMDR Act, 2023 to attract private sector investment in the exploration of critical and deep-seated minerals in the country. 'If you are mining manganese, you can extract cobalt out of the dump. If you are mining bauxite from red mud, you can extract gallium. Basically, we want to incentivise people to extract all these critical minerals that are associated with bulk minerals. For that, we will have to bring a royalty structure which is attractive,' the official stated. Queries sent to the secretary and spokesperson for the mines ministry remained unanswered at press time. Currently, the act says that whatever royalty you give to manganese should be the same for cobalt. 'People say that they have to invest so much money in processing that they can't give so much royalty. So, we said that we will reduce the royalty,' the official added. Secondly, the mines ministry intends to spend National Mineral Exploration Trust (NMET) money on mineral exploration abroad, which is currently meant for mineral exploration activities within the country. 'So, we have to amend the NMET provision in the act to say that, for example, we got land in Zambia, and we are sending GSI (Geological Survey of India) and MECL (Mineral Exploration and Consultancy Limited) to go and explore. But they don't have money. They are a regular government department. So, we will try to support them through NMET for exploration,' the official said, indicating that there are three or four such amendments in the process. Stockpiling is one of the provisions in the mission, and the ministry is working on some guidelines for it. 'It has to be demand driven. If you stockpile everything, people won't buy. Then you will end up making losses,' the official said. Stockpiling means lending the mineral and dumping it in ore form or raw form. Tailings policy is an overarching policy. In tailings, one is to look for critical minerals. We are now going around, looking for critical minerals in the dumps. 'The amendment will be meant to encourage mine owners to look at their dumps and tailings through various technologies,' the official said.

Focus on more exploration, mines dept's revenue grows
Focus on more exploration, mines dept's revenue grows

Time of India

time5 days ago

  • Business
  • Time of India

Focus on more exploration, mines dept's revenue grows

Jaipur: State's department of mines and geology earned Rs 1,306.44 crore in revenue during the first two months of the current financial year, an increase of Rs 57.71 crore compared to the same period last year. According to officials, strict enforcement against illegal mining and full recovery of penalties from violators contributed to this strong start. A senior official said, "Field officers have been directed to enhance their presence to improve coordination with stakeholders, curb illegal activities, and generate both revenue and employment." To enhance revenue, the department is also focusing on mineral exploration. Agencies from both Union and state govts, as well as private sector, are being engaged in exploration. Officials said 35 private agencies were registered under National Mineral Exploration Trust (NMET) and 20 of them have already begun operations in various states, including Rajasthan. Rajasthan was last year recognised as the most progressive in the mining sector for auctioning the highest number of major mineral blocks. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 임플란트 최대 할인 지원해드려요 임플란터 더 알아보기 Undo An official highlighted that the Union govt has launched National Critical Minerals Mission to promote exploration, mining operations, processing, and recycling. Support for research and development is being provided through NMET funding, along with incentives for companies involved in mineral processing and recycling. "Although Rajasthan leads in the auction of major mineral blocks, delays in operationalising these mines due to regulatory clearances remain a challenge," the official said. Jaipur: State's department of mines and geology earned Rs 1,306.44 crore in revenue during the first two months of the current financial year, an increase of Rs 57.71 crore compared to the same period last year. According to officials, strict enforcement against illegal mining and full recovery of penalties from violators contributed to this strong start. A senior official said, "Field officers have been directed to enhance their presence to improve coordination with stakeholders, curb illegal activities, and generate both revenue and employment." To enhance revenue, the department is also focusing on mineral exploration. Agencies from both Union and state govts, as well as private sector, are being engaged in exploration. Officials said 35 private agencies were registered under National Mineral Exploration Trust (NMET) and 20 of them have already begun operations in various states, including Rajasthan. Rajasthan was last year recognised as the most progressive in the mining sector for auctioning the highest number of major mineral blocks. An official highlighted that the Union govt has launched National Critical Minerals Mission to promote exploration, mining operations, processing, and recycling. Support for research and development is being provided through NMET funding, along with incentives for companies involved in mineral processing and recycling. "Although Rajasthan leads in the auction of major mineral blocks, delays in operationalising these mines due to regulatory clearances remain a challenge," the official said.

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