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Mines and Minerals Act 2023: Key Amendments



  Dec 29, 2023

Deciphering the Mines and Minerals (Development and Regulation) Amendment Act, 2023




FAQ: Mines and Minerals (Development and Regulation) Amendment Act, 2023

Q1: What are the major reforms in the Mines and Minerals (Development and Regulation) Amendment Act, 2023?

A1: The Amendment Act, 2023, brings pivotal reforms in the mining sector, particularly focusing on critical minerals. These include:

Removal of Six Minerals: Six minerals are removed from the list of atomic minerals in Part-B of the First Schedule of the Act, including Lithium bearing minerals, Titanium bearing minerals and ores, Beryl and other beryllium bearing minerals, Niobium and Tantalum bearing minerals, and Zirconium-bearing minerals.

Central Government's Role in Auctions: The Central Government is authorized to exclusively auction mineral concessions for critical minerals in Part D of the First Schedule. This move centralizes the management of these crucial resources.

Revenue Distribution: Revenue from these auctions will go to the concerned State Governments, ensuring local economic benefits.

Exploration License Introduction: A new exploration license is introduced for deep-seated and critical minerals, enhancing the focus on exploring these valuable resources.

Q2: Why were specific minerals omitted from the atomic minerals list?

A2: The removal of these minerals from the atomic minerals list reflects:

Strategic Reevaluation: Reconsideration of the strategic importance of these minerals in light of industrial and technological needs.

Global Market Trends: Adapting to the global demand for minerals crucial for modern technologies.

Resource Optimization: Aiming for more efficient management and exploitation of critical mineral resources.

Q3: What is the significance of the Central Government's role in mineral auctions?

A3: The Central Government's authority over mineral auctions is significant for:

Unified Policy Making: Ensuring a consistent and comprehensive policy approach towards critical minerals.

Strategic Resource Utilization: Facilitating strategic allocation and use of these minerals.

Economic Development: Enhancing economic growth by effectively managing these key resources.

Q4: Why is there a need for an exploration license for deep-seated and critical minerals?

A4: The exploration license for deep-seated and critical minerals is crucial for:

Promoting Exploration: Encouraging the exploration of less explored or unexplored areas.

Technological Advancement Support: Facilitating the use of cutting-edge technology in exploring mineral resources.

Identifying New Resources: Helping in discovering new sources of critical minerals, vital for various industries and technological applications.

SRIRAM’s Perspective:

The Mines and Minerals (Development and Regulation) Amendment Act, 2023, represents a crucial move towards more effective resource management and strategic exploitation of critical minerals. This legislative adjustment aligns with the global focus on minerals essential for technological and industrial advancement. The emphasis on exploration and the centralized auctioning approach underscores the government's dedication to sustainable and strategic mineral resource management.


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