Page 7 - Mineral Sector

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

Govt to invite bids for 20 critical mineral blocks in 2 weeks: Mines secy

The government will invite bids for 20 critical mineral blocks in next two weeks, a top official said on Tuesday. The 20 critical blocks include lithium and graphite mines, Mines Secretary V L Kantha Rao told reporters here. Last month, the Centre had approved royalty rates of three per cent each for lithium and niobium and one per cent for Rare Earth Elements (REEs). Critical minerals have become important for the nation's economic development and national security. Lithium and REEs have gained significance keeping in mind the country's commitment towards energy transition and achieving net-zero emission by 2070.

India's mineral production rises 10.7% in July: Indian Bureau of Mines

India's mineral output rose 10.7 per cent in July as compared to the same month a year ago, the mines ministry said in a statement on Thursday. The index of mineral production of the mining and quarrying sector for July 2023 was at 111.9, higher 10.7 per cent as compared to the year-ago period, as per the provisional figures of Indian Bureau of Mines (IBM). The cumulative growth for April-July period of this fiscal year over the corresponding period of FY23 is 7.3 per cent. The production level of important minerals in July includes coal (693 lakh tonne), lignite (32 lakh tonne), petroleum (crude) 25 lakh tonne, bauxite (14,77,000 tonne), and chromite (2,80,000 tonne). Minerals that registered growth during July 2023 as against July 2022 include chromite, manganese ore, coal, limestone, iron ore, gold and copper conc. Minerals that saw contraction include lignite, bauxite, phosphorite and diamond.

Madhya Pradesh auctions 22 mineral blocks, to earn Rs 38,100 crore

Latest auction elevates state's total to 68 blocks, the highest in India

NMET allots Rs 2,100 cr for 309 mineral exploration projects, 151 completed

Union Minister for Coal and Mines Pralhad Joshi highlighted that efforts are also made to speed up the auction process of critical minerals in India

Minerals security partnership continues to expand with India, says US

US also affirmed that country would continue to expand the Minerals security partnership with 14 partners including India as clean energy and other technologies, are projected to grow significantly

India's domestic mineral production records 7.6% YoY growth in June

The Ministry of Mines on Thursday said that domestic mineral production grew 7.6 per cent year-on-year in June

Lithium to niobium, export ban on 4 critical new energy metals on the table

Lithium, beryllium, niobium, and tantalum are to be banned for export

New regulations to boost mineral mining and revenue sharing in India

Miners may receive revenue shares and exploration rights for deep-seated minerals under the amended Mines and Minerals Act, aiming to enhance mineral exploration and domestic production

Mines and Minerals Bill passed in RS, special focus on critical minerals

The bill confers upon the centre the exclusive right to auction mineral concessions for critical minerals specified in part D of the first schedule of the Act

Mining an opportunity: Firm, transparent laws key to attract investments

Recent laws opening critical minerals to private mining raise hopes that the lessons of privatisation of coal and iron ore have been learnt

Bill introduced to start private mining of deep-seated critical minerals

The move aims to achieve India's energy transition targets