Page 7 - Mineral Sector

Looking at setting targets on offshore mineral mining: Mines secretary

"In Africa, we are exploring opportunities in Zambia, Namibia, Congo, Ghana, and Mozambique for critical minerals," the secretary said, adding that they are engaging with Australia for lithium blocks

Rs 1 trillion at stake in mineral tax tussle between Centre and states

As Centre and states contest the issue of taxation rights in court, CAGR of revenue from coal stands at 13.8% during 2014-23

First tranche of offshore mineral auction expected by mid-2024: Joshi

The first tranche of offshore minerals auctions is likely to kick off by June-July this year, Union Minister Pralhad Joshi said. A total of 10 offshore mineral blocks have been short-listed by the mines ministry, and inter-ministerial consultations are underway to seek necessary clearances for auctions at the earliest, the Minister for Coal and Mines told PTI. When asked about a timeframe for the auction of offshore minerals, he said the auctions are likely to kick off by June-July of 2024. The blocks are located on the east and west coast of India, Joshi said without sharing any further information. "Our plan is to launch more tranches of auction of offshore minerals after concluding the first one," the minister added. The government amended the Offshore Areas Mineral (Development and Regulation) Act, 2002, to provide an auction route for awarding production leases for offshore minerals. Offshore minerals are located deep within the earth's crust and are difficult to extract com

Centre launches 2nd round of critical mineral auction worth Rs 30 trillion

The inaugural round for the auction of critical minerals in the country commenced on November 29. The minister disclosed that over 180 potential bidders have procured the tender documents

Vedanta group's Hindustan Zinc forays into strategic mineral exploration

Vedanta group firm Hindustan Zinc on Tuesday announced the formation of new subsidiary Hindmetal Exploration Services Pvt Ltd. The development aims at the company's foray into strategic mineral exploration and diversification of its portfolio. "In line with our vision and with our strategic exploration objective to upgrade Ore Reserves and Mineral Resources (R&R), the company has incorporated Hindmetal Exploration Services Private Limited, a wholly owned subsidiary of Hindustan Zinc Ltd, with an objective to explore, discover, develop and tap mineral resources," Hindustan Zinc said in a regulatory filing. The arm was incorporated on Monday, it said. In the last decade, the Centre has introduced significant transformational reforms to open up the mineral sector to ensure its contribution to achieving the national policy goals and also allowed private sector participation in the exploration and mining of critical minerals which were earlier mined only by government companies, it ...

GMDC approves capex of Rs 3,041 cr for FY25, targets Rs 800 cr this fiscal

State-owned Gujarat Mineral Development Corporation Ltd (GMDC) on Thursday said its board has approved a capital expenditure of Rs 3,041 crore for the next fiscal. The PSU had set a capex target of Rs 800 crore for the ongoing financial year. "GMDC is proud to announce the Board's approval of a Rs 3,041 crore capital outlay for the fiscal year 2025, reinforcing our commitment to substantial growth and sustainable development in the mineral sector," it said in a regulatory filing. With a strategic allocation of Rs 1,138 crore towards new lignite projects, this investment will catalyse the enhancement of its existing lignite projects while also promoting the development of new ventures. "GMDC dedicates Rs 629 crore to expedite the operationalisation of the allotted coal blocks in Odisha," it said. Recognising the role of critical minerals in the global economy, the company has set aside Rs 462 crore for the expansion and modernisation of its metal projects. "This initiative is ...

Incentives for tech, infra needed to develop critical mineral sector: GTRI

Measures such as fiscal incentives, investments in technology and infrastructure, mining operations abroad and conducive regulatory environment are a must for developing India's critical mineral sector, a report by think tank GTRI said on Monday. The Global Trade Research Initiative (GTRI) said in its report that India is focusing on developing its critical mineral sector as it is vital for high-tech and renewable energy technologies. At present, India depends on imports, particularly from countries like China, Congo, Chile, Indonesia, South Africa, Argentina, Vietnam, US, Canada and Australia. Critical minerals such as lithium, chromium, cobalt, antimony, arsenic, barite, beryllium, bismuth, cesium, fluorspar, gallium, germanium, graphite, hafnium, and others are indispensable for modern technologies. They are integral to the manufacturing of various high-tech applications, including mobile phones, flat-screen monitors, wind turbines, electric vehicles (EVs), solar panels, drones,

Deccan Gold Mines says reviewing data on critical minerals in India

Deccan Gold Mines Ltd on Monday said it is evaluating data on critical minerals, including lithium, in the country and may seek exploration licences in case of positive assessment. The government last year launched the auction of critical minerals, including two lithium blocks. "As part of our strategy to build a Critical Minerals (CM) portfolio, the company is reviewing data on Nickel, Copper, Graphite and Lithium Projects in India / overseas. The company may secure these licences subject to the positive technical evaluation," the company said in a filing. Shares of the company surged by 4.99 per cent to Rs 130.55 apiece in pre-close session on BSE following the announcement. The benchmark Sensex was trading 0.52 per cent down. On its Jonnagiri gold project, the company said 210.6 acre of key land has been already acquired and efforts are underway to acquire another 40 acre by the end of the next month. As of date, the available land is already sufficient to commence the full-sca

China, in comic strip, warns of 'overseas' threats to its rare earth

It also banned the export of technology to make rare earth magnets, in addition a ban on technology to extract and separate rare earths

Mineral output rises 13.1% in Oct, 9.4% growth in Apr-Oct period: Govt

India's mineral production went up 13.1 per cent in October 2023, over the same month a year ago, the government said on Monday. The index of mineral production of the mining and quarrying sector for October was 127.4, 13.1 per cent higher than October 2022, as per the provisional figures of Indian Bureau of Mines (IBM). The cumulative growth for the April-October period of the current fiscal over that of the year-ago period is 9.4 per cent. The minerals that showed positive growth in October included iron ore, manganese ore, gold, and coal. Important minerals showing negative growth included lignite, copper conc, and bauxite.

Total 76 mineral blocks auctioned this year, 30 for mining lease: Govt

The government on Friday said that as many as 76 mineral blocks have been auctioned in the current year. Of the 76 mineral blocks, 30 mineral blocks were auctioned for mining lease and the remaining 46 were sold as a composite licence. Mining lease means a lease granted for the purpose of undertaking mining operations, while, composite licence is a two-stage operating right granted for the purpose of undertaking exploration followed by production operation. "During the Year 2023, 76 mineral blocks have been successfully auctioned till December. Out of these, 30 mineral blocks were auctioned for Mining Lease (ML) and the remaining 46 were auctioned as Composite Licence (CL)," the mines ministry said in a statement. Out of the total 335 blocks auctioned since 2015, 46 are operational and 43 are in production. During the year 2023, Madhya Pradesh and Rajasthan have successfully auctioned the maximum number of blocks, i.e. 22 and 16, respectively. In 2022 a total number of 33 Iron Or

Mines ministry identifies offshore blocks in economic zone for exploration

The mines ministry on Thursday said it has identified some offshore blocks for granting operational rights and has sought inputs from the departments concerned to ensure there is no overlapping with other projects. In August, the government amended the Offshore Areas Mineral (Development & Regulation) Act (OAMDR) and introduced a transparent and non-discretionary auction process as the method of allocation of operating rights in the offshore areas. "The ministry has identified some blocks in the exclusive economic zone of India... in this regard, the ministry has sought comments/inputs from concerned ministries/department for availability of the offshore blocks for grant of operating rights to avoid any overlapping with the projects," the ministry said in a statement. To implement the provisions of the amended Act, the ministry framed two sets of draft rules -- Offshore Areas Mineral Auction Rules and Offshore Areas Existence of Mineral Resources Rules. The main features of the ...

Critical, offshore mineral blocks set for auction in 2024: Official

Auctioning of critical mineral and offshore mineral blocks as well as giving exploration licences in 2024 are set to rejuvenate the country's mining sector that has the potential for a multiplier effect on economic growth. As the government focuses on self reliance, Mines Minister Pralhad Joshi told PTI, "every few months (in 2024) we will bring out a new batch of critical minerals for auction." Not just critical minerals, exploration of deep-seated minerals like gold and copper, as well as offshore areas are on the priority list. In November, the government launched the first tranche of e-auction of 20 mines of critical and strategic minerals. The blocks include copper, lithium, nickel and potash. A committee, set up by the mines ministry, had identified 30 minerals as critical and strategic, considering their economic importance and supply risk vis-a-vis India's priorities and future requirements for energy transition. Besides, a new Mineral Concession namely exploration licence

Centre allows notified pvt exploration agencies in mineral blocks auction

The mines ministry on Friday said it has permitted notified private exploration agencies to participate in the auction of critical and deep-seated mineral blocks explored by them. The development will attract bigger mining companies in the exploration arena and is likely to encourage junior mining companies from around the world to come to India and take up exploration projects with National Mineral Exploration Trust (NMET) funding. The ministry further said it has also launched a new scheme to directly sanction projects for exploration of critical and deep-seated minerals to notified private exploration agencies (NPEAs). This new scheme will help bring new technologies in the field of exploration. The decision to allow NPEAs to directly submit projects in Ministry of Mines will help cut delays in sanction of projects as well as fast-track execution of projects. The move aims at giving a fillip to exploration of critical and deep-seated minerals. "Ministry of Mines has launched a

Critical mineral imports rise as shift towards green energy catches pace

India eyeing self-reliance amid supply risks from China

Charging growth

India must increase its presence in critical minerals

Govt notifies 16 pvt exploration firms for critical, deep-seated minerals

In a bid to encourage private participation in exploration endeavours, the government will provide a financial incentive of up to 25 per cent of the approved cost of exploration

60 projects worth more than Rs 18K cr sanctioned from OMBADC fund: Official

The Odisha government has sanctioned 60 projects worth more than Rs 18,000 crore from Odisha Mineral Bearing Area Development Corporation (OMBADC) funds till October this year, an official said. OMBADC chief executive officer G Rajesh said this during the meeting of the board of directors of the corporation held under the chairmanship of chief secretary Pradeep Kumar Jena on Thursday. OMBADC, a special-purpose vehicle of the Government of Odisha, was incorporated under the Companies Act, 2013 in December 2014. Rajesh said that the board has approved 60 projects under different sectors amounting to more than Rs 18,000 crore against the total collection of Rs 20,700 crore till October 2023. The 18 departments, which are executing the OMBADC projects, have utilised 72 per cent of the released amount which stands at Rs 10,868 crore, he said. The highest expenditure of 93 per cent has been made by the Housing and Urban Development department followed by Panchayati Raj and Drinking Wate

First tranche auction of critical and strategic minerals to start on Nov 29

Twenty blocks of critical and strategic minerals being put on sale are spread across the country from November 29

Draft mineral auction rules: Single bidder allowed in second attempt

The proposed amendments would enable the awarding of contracts even if only one technical bidder participates in the second attempt of the auction process