Latest news with #NationalMineralExplorationTrust
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Business Standard
3 hours ago
- Business
- Business Standard
Rajya Sabha passes Mines and Minerals Bill amid Opposition protests
The Rajya Sabha passed key amendments to the Mines and Minerals (Development and Regulation) Bill on Tuesday amid Opposition protests and repeated adjournments. During the discussion, Union Mines Minister G Kishan Reddy said that coal production had increased due to the central government's efforts, and the country has now become the second-largest coal consumer globally. He added that the Gevra coal mine in Chhattisgarh is the world's second-largest mine. He also stated that under PM Modi's leadership, India's coal production had crossed one billion tonnes for the first time. 'Today, no state can report a power shortage. However much coal shortage there may be for states to generate power, the ministry is ready to provide that coal,' he said. The Bill allows leaseholders to apply to the state government for adding other minerals to an existing lease. For the inclusion of critical and strategic minerals and other specified minerals, no additional amount needs to be paid. These minerals include lithium, graphite, nickel, cobalt, gold, and silver. National Mineral Exploration Trust The Bill establishes the National Mineral Exploration Trust to fund mineral exploration in the country. It also widens the scope of the Trust to fund the development of mines and minerals. Removing the limit on sale The Bill allows captive mines to sell up to 50% of minerals produced in a year, after meeting end-use requirements. It removes the previous limit on the sale of minerals. Deep-seated minerals The Bill permits a one-time extension of the area under a mining or composite lease for deep-seated minerals. Mineral exchanges The Bill provides for the establishment of an authority to register and regulate mineral exchanges. It defines a mineral exchange as a registered electronic trading platform or marketplace for trading minerals and metals.
Time of India
3 hours ago
- Business
- Time of India
Parliament passes Mines and Minerals Amendment Bill
Synopsis Parliament has approved the Mines and Minerals Amendment Bill, 2025, to modernize India's mineral sector, particularly focusing on critical and strategic minerals. The bill renames and expands the National Mineral Exploration Trust to include development, both domestically and internationally. This reform aims to secure India's economic future by addressing outdated laws and promoting sustainable development in mining areas.
Hindustan Times
7 days ago
- Business
- Hindustan Times
Lok Sabha passes Mines and Minerals Amendment Bill
The Lok Sabha passed the key amendments to the Mines and Minerals (Development & Regulation) Act on Tuesday. Lok Sabha passes Mines and Minerals Amendment Bill The amendments make way for widening the scope and territorial domain of the National Mineral Exploration Trust (NMET) to enable use of the funds accrued to the Trust within India, including the offshore areas, and outside India for the purposes of exploration and development of mines and minerals, ministry officials said. HT had reported on July 18, the Mines and Minerals (Development and Regulation) Amendment Bill, 2025, which is expected to be tabled during the upcoming monsoon session of Parliament will help fast-track mining of critical minerals and operationalise the National Critical Mineral Mission (NCMM). The bill renames the NMET as the National Mineral Exploration and Development Trust to reflect its enlarged scope and increase the amount of payment to the Trust by the lessees from present 2% of the royalty payable to 3%. It enables the inclusion of any new mineral in a mining lease subject to the conditions prescribed by the Central Government. Further it also enables a one-time extension of the area under a mining lease or composite licence to include therein a contiguous area not exceeding 10% or 30% respectively, of the existing area under the lease or licence subject to such terms and conditions and additional payment as may be prescribed in rules by the Centre. 'This will promote optimal mining of deep-seated minerals which are locked up in contiguous areas and may not be economically viable to be extracted under a separate lease or licence,' officials said. 'The mining sector is a key driver of the nation's progress, with critical minerals playing an essential role in renewable energy, electric mobility, and cutting-edge technologies. However, India's domestic production of these critical minerals is limited, leaving us heavily dependent on imports,' said G Kishan Reddy, Union minister of coal and mines. 'From solar panels to wind turbines, agriculture to medical equipment, electronics to electricity, cell phones to aircraft, and defence to sports, critical minerals play a significant role across every sector,' he added.
Time of India
7 days ago
- Business
- Time of India
Lok Sabha passes Bill to ease mineral exploration norms
NEW DELHI: The Lok Sabha on Tuesday passed the Mines and Minerals (Development and Regulation) Amendment Bill 2025 to further liberalise norms for investors and empower states with the aim of boosting exploration for critical and strategic minerals. The amendment Bill, introduced on August 11, was passed by voice vote amid Opposition din. Under the amended provisions, lease holders seek state government permission to add critical and strategic minerals as well as other specified minerals to their existing lease without paying any additional amount. Under the existing norms, leases are granted for specific minerals. But under the amended provisions, lease holders can add minerals such as lithium, graphite, nickel, cobalt, gold, and silver. For inclusion of other minerals, the lease holder will have to pay an amount equivalent to the royalty for that mineral. In case of auctioned mines, the lease holder additionally has to pay the auction premium for the included mineral. For addition of a minor mineral to a mining lease issued for major mineral, the state government will now have the power to decide the royalty and other payments. Minor minerals include building stones, gravel, sand, and other minerals declared as minor minerals by the central government. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Indonesia: New Container Houses (Prices May Surprise You) Container House | Search Ads Search Now Undo For inclusion of major minerals to minor mineral leases, the central government will prescribe conditions through Rules. However, an atomic mineral above a specified grade cannot be included in a mining lease granted for non-atomic minerals. The amendments remove the limit on sale of minerals from captive mines. Under the current Act, captive mines are allowed to sell up to 50% of minerals produced in a year, after meeting end-use requirements. It empowers state governments to allow sale of mineral dumps stacked in the leased area up to a date specified by the Central government. The amendment Bill empowers state governments to allow sale of mineral dumps stacked in the leased area up to a date specified by the Central government. The Bill provides for establishing an authority to register and regulate mineral exchanges. It defines mineral exchange as a registered electronic trading platform or marketplace for trading minerals and metals. The Bill renames the National Mineral Exploration Trust to National Mineral Exploration and Development Trust and increases the rate of contribution to 3% of the royalty. Under the amended norms, the trust funds can now be used for exploration and development in offshore areas and overseas.
Economic Times
12-08-2025
- Business
- Economic Times
Lok Sabha passes Mines and Minerals Amendment Bill
Synopsis Amidst opposition protests regarding the revision of Bihar electoral rolls, the Lok Sabha approved the Mines and Minerals (Development and Regulation) Amendment Bill 2025. The bill expands the National Mineral Exploration Trust's scope to include offshore and international areas for mineral exploration and development. It also renames the trust and increases lessee payments to 3% of the royalty. ANI Representative image. New Delhi: The Lok Sabha passed the Mines and Minerals (Development and Regulation) Amendment Bill 2025 on Tuesday, amid the din of opposition protests over the revision of Bihar electoral rolls by the Election Bill was passed by a voice vote as opposition members raised slogans in the House. The Mines and Minerals (Development and Regulation) Amendment Bill 2025 seeks to widen the scope and territorial domain of the National Mineral Exploration Trust to enable the use of the funds accrued to it within India, including offshore areas, and outside India for the exploration and development of mines and minerals. The Bill also seeks to rename the trust as the National Mineral Exploration and Development Trust to reflect its enlarged scope and increase the amount of payment to it by the lessees from the present 2 per cent of the royalty payable to 3 per cent.
