Government launches first India's auction of exploration licences for critical minerals
for the first time, the exploration of minerals was done by the Ministry of Mines of India. Till now, our government agencies used to do more exploration work in the country. Today, we should start exploration work in the private sector as well. The Government of India will finance it. For this, we are going to decide the interest rate through tender. Action for this has also been started today" Union Minister Reddy said.
ANI
Mar 13, 2025 16:48 IST
Panaji (Goa) [India], March 13 (ANI): Union Minister for Coal and Mines, G Kishan Reddy on Thursday launched the nation's first-ever auction of Exploration Licences (ELs) in Goa, which aims to unlock India's untapped critical and deep-seated mineral resources.
The programme also featured a roadshow on the 5th Tranche of Critical Mineral Blocks and the launch of AI Hackathon 2025, a Mineral Exploration Hackathon focused on 'Mineral Targeting using AI'.
Reddy launched the ELs in the presence of Chief Minister of Goa, Pramod Sawant.
Speaking to mediapersons, Union Minister Reddy said, "On behalf of the Mining Ministry, I held a high-level meeting in Goa today. We discussed how we should increase the activities in the mining sector in India in the coming days. Today, the fourth phase action tranche of this was put into action.
"Secondly, for the first time, the exploration of minerals was done by the Ministry of Mines of India. Till now, our government agencies used to do more exploration work in the country. Today, we should start exploration work in the private sector as well. The Government of India will finance it. For this, we are going to decide the interest rate through tender. Action for this has also been started today" the minster said.
Goa CM Sawant expressed gratitude to the Centre for organizing a program in the state.
"I thank the Ministry of Mines, Government of India and the concerned minister, G Kishan Reddy - for organising a programme here. I also thank him for the review meeting regarding the mines in Goa... I also thank PM Modi for inviting private players to explore critical minerals," Sawant said.
With the enactment of the MMDR Amendment Act, 2023, Exploration Licences were introduced to allow private participation in reconnaissance and prospecting for 29 critical and deep-seated minerals, including lithium, copper, cobalt, gold, silver, REEs, and PGEs, listed in the new Seventh Schedule of the Act.
To facilitate smooth implementation, the Central Government exercised its powers under Section 20A of the MMDR Act, issuing an order on October 21, 2024 to conduct the EL auction process.
In the first phase, the Ministry will auction 13 Exploration Blocks for minerals like REE, Zinc, Diamond, Copper, and PGE, through a transparent online bidding process. Tender documents for Tranche I will be available on the MSTC auction platform from March 20, 2025.
This step is expected to accelerate exploration, increase private sector participation, and bolster India's mineral security and self-reliance in critical minerals. (ANI)
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