Photo: American Geosciences Institute
Karnataka and Rajasthan on Thursday launched an auction of exploration licenses for critical and deep-rooted minerals.
Karnataka launched the auction of one block each of gold, copper and lithium, while Rajasthan launched the auction of three blocks of rare earth elements, rare metals and potash minerals.
The two states began the auction of exploration permits on March 6, according to the Ministry of Mines. Blocks of exploration permits are being auctioned for the first time in the country, the ministry said.
The Mines and Minerals (Development and Regulation) Act, 1957, was amended through the MMDR Amendment Act, 2023, with effect from August 17, 2023, inter alia, to provide a new concession for the exploitation of exploration licenses for 29 crucial and deep-rooted import minerals. further boost the exploration and mining of crucial and deep-rooted minerals in the country.
Critical and deep-seated minerals such as cobalt, lithium, nickel, gold, silver and copper are difficult to explore and extract compared to superficial or bulk minerals.
The exploration license granted through an auction gives the license holder the right to carry out exploration and prospecting work for critical and deep-seated minerals.
Exploration Licensing aims to create an enabling mechanism in which junior mining companies will bring expertise from around the world in the acquisition, processing and interpretation of exploration data, and leverage risk appetite capacity in the discovery of deep-seated mineral deposits through the adoption of expertise and the latest technologies.
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First print: March 8, 2024 | 7:04 am IST