Rationalisation of royalty rates and auction of critical minerals blocks among top initiatives in FY2024-25: Mines Ministry

New Delhi [India], December 28 (ANI): The Centre has brought amendments to rationalise the royalty rates and successfully auctioned 24 critical mineral blocks in four tranches, an effort to drive the economic growth, the Ministry of Mines stated in its year-end review-2024.
The Ministry added that the Second Schedule to the MMDR Act, 1957 has been amended to rationalise the royalty rate of 12.
critical and strategic minerals, viz., Beryllium, Cadmium, Cobalt, Gallium, Indium, Rhenium, Selenium, Tantalum, Tellurium, Titanium, Tungsten and Vanadium.
The government has amended rules such as the Minerals (Other than Atomic and Hydrocarbons Energy Mineral) Concession Rules-2016 and the Mineral Conservation and Development Rules 2017. The Mineral (Auction) Rules 2015, The Atomic Minerals Concession Rule 2016, and The Minerals (Other than Atomic and Hydro Carbons Energy Mineral) Concession Rules 2016 to facilitate the ease in exploration of minerals.
The First Schedule of the OAMDR Act 2002 has been amended to rationalise the royalty rate of offshore minerals, viz., construction sand, dolomite, limestone and lime mud, polymetallic nodules and crusts, overburden or waste.
During the year 2024-25, 88 mineral blocks have been successfully auctioned till December 10, 2024, the Mines Ministry added.
The National Mineral Exploration Trust (NMET) has approved 120 mineral exploration and procurement projects with an approved cost of Rs 609.54 crores, as per the Ministry.
Among the actions taken by the Ministry for critical and strategic minerals in the financial year (FY) 2024, the Geological Survey of India (GSI) has taken up 195 mineral exploration projects for critical and strategic minerals across the country.
The Ministry of Mines has been empowered to auction blocks for the grant of an exploration license through an order dated October 21, 2024, under section 20A of the MMDR Act 1957.
The ministry has also focused on funding various projects of mining exploration through NMET.
In the current year, 2024-25, NMET has funded 40 projects of critical minerals through various exploration agencies.
The Ministry of Mines has notified 28 private exploration agencies (NPEAs) in an effort to promote private involvement in exploration. With NMET financing, several agencies are embarking on exploratory programs.
The government has cut basic customs charges (BCD) on two minerals and removed customs charges on 25 minerals in order to promote the vital mining industry.
The Union Finance Minister in the Union Budget 2024-25 has announced the setting up of a Critical Mineral Mission for domestic production, recycling of critical minerals and overseas acquisition of critical mineral assets on 23rd July, 2024. (ANI)