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Informist, Wednesday, Jan. 29, 2025

 

--Cabinet OKs INR 163 bln for National Critical Minerals Mission 

--Govt: PSUs to raise INR 180 bln for National Critical Minerals Mission 

--Govt: 24 critical minerals identified under critical minerals mission 

 

NEW DELHI – The Union Cabinet Wednesday approved the launch of the National Critical Mineral Mission with a total outlay of INR 163 billion, along with an additional expected investment of INR 180 billion by public sector undertakings.

 

The National Critical Mineral Mission will encompass all stages of the value chain, including mineral exploration, mining, beneficiation, processing, and recovery from end-of-life products, a statement by the Cabinet said. The mission, as per the statement, has been launched to intensify the exploration of critical minerals within the country and in its offshore areas. "It aims to create a fast-track regulatory approval process for critical mineral mining projects," it said. The mission will also offer financial incentives for critical mineral exploration and promote the recovery of these minerals from overburden and tailings.

 

The scheme was unveiled on Jul. 23 as part of the Union Budget for 2024-25 (Apr-Mar). The proposal had outlined the establishment of a critical mineral mission, stating that it would aim to promote domestic production, recycling, and overseas acquisition of critical mineral assets.

 

The mission aims to encourage Indian PSUs and private sector companies to acquire critical mineral assets abroad and enhance trade with resource-rich countries. It also proposes development of stockpile of critical minerals within the country. It includes provisions for setting up of mineral processing parks and supporting the recycling of critical minerals. It will also promote research in critical mineral technologies and proposes setting up centre of excellence on critical minerals.

 

Currently, a joint venture company, Khanij Bidesh India Ltd., or KABIL, has been incorporated with equity contribution from three central public-sector enterprises--National Aluminium Co. Ltd., Hindustan Copper Ltd., and Mineral Exploration and Consultancy Ltd.--to identify, explore, acquire, develop, mine, process, procure, and sell strategic minerals abroad to secure resilient supply of these minerals to the domestic industry.

 

India has been pushing its goals of critical mineral exploration as it aims to boost domestic production and reduce reliance on imports. The Budget had also announced a cut in customs duty on minerals such as lithium, copper and cobalt, critical for use in sectors such as nuclear energy and renewables.

 

So far, the Ministry of Mines has identified and auctioned 24 blocks of strategic minerals. Geological Survey of India has undertaken 368 exploration projects for critical minerals over the past three years, with 195 projects currently underway in 2024-25 (Apr-Mar). The Geological Survey of India, according to the statement, will further undertake 227 projects for exploration of critical minerals in FY26.  End

 

Reported by Pallavi Singhal

Edited by Deepshikha Bhardwaj

 

 

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