Introduction to Critical Minerals:
Central to modern life including LED lights, electric cars, batteries, and more.
Recognized globally for strategic importance with roots in the US’ 1939 Act.
India’s Stance:
Mining is pivotal to India’s economy.
June 2023: India joined the Minerals Security Partnership with major global economies.
Comprehensive list of 30 critical minerals released.
August 2023: Amendment to the Mines and Minerals Act, enhancing private sector involvement.
2023 Amendment Highlights:
Simplified processes for licenses and concessions.
Critical minerals are essential for economic growth and national security.
Importance: Energy transition, tech advancement, and net-zero commitments.
Private sector and FDI involvement, especially for atomic minerals.
Auction Power & Regulations:
Union government has exclusive auctioning rights.
Exploration licence holders must report findings, with auctions to be conducted for valuable discoveries.
Potential Hurdles:
Delays due to clearance issues, as seen with the Ghorabhurhani–Sagasahi iron ore mine.
Direct selling by private explorers prohibited, impacting their motivation.
Global Demand and Challenges:
450% surge in demand for critical minerals expected by 2050.
China’s dominance in the market is a challenge for India.
Environmental and social risks like habitat disruption and human rights violations are associated with mineral extraction.
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