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Source: The post is based on the article “Mines Ministry to Organize Outreach Programme on Global Action on Critical Minerals” published in “PIB” on 27th November 2023
Why in the News?
The Ministry of Mines is organizing an outreach programme on “Role of the Government and Industry in Driving the Global Action of Critical Minerals” in New Delhi.
The event will be attended by Ambassadors/Mission Heads of various countries as well as representatives of businesses in India and other stakeholders.
What are Critical Minerals?
What are the steps taken by the Government for the promotion of Critical Minerals?
| Specifications | Details |
| Efforts during India’s Presidency of G20 | Under G20 New Delhi Leaders’ Declaration, the role of Critical Minerals in Energy Transitions has been acknowledged by the G20 Community |
| Amendments to MMDR Act | Ministry of Mines has made amendment in the Mines and Minerals (Development and Regulation) Act. The key amendments are: 1) The power to auction 24 identified Critical Minerals is given to the Central Govt. 2) Provision for a new mineral concession, mainly exploration license exclusively for the identified critical minerals including some deep-seated minerals. – This will help attract junior mining companies to India for exploration. 3) Financial incentive up to 25% of the approved cost of exploration is provided for critical & strategic minerals. – The incentive is provided through NMET (National Mineral Exploration Trust) and the public and private sector can avail the incentive on successful discovery of critical minerals. |
| Policy for Critical Minerals | 1) The Ministry of Mines is in the process of preparing a Policy for critical minerals. 2) The policy will include a road map for strengthening the supply chain of critical minerals. It will also identify the responsibilities of different ministries of Govt. of India in ensuring the resilience of the supply chain of critical minerals. |
| Strategy for recycling of metals | 1) The Ministry of Mines is preparing a strategy for recycling of metals. 2) It will also work with partner countries to co-develop mineral processing and raw material manufacturing capabilities. |
| Partnerships | Actively engaged in new partnerships and alliances like Minerals Security Partnership (MSP), the Australia-India Economic Cooperation and Trade Agreement (ECTA) to build a resilient critical minerals value chain. |
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