National Critical Mineral Mission approved with an outlay of Rs 16,300 crore
The mission will prioritize the exploration of critical minerals both within India and in its offshore areas.
National Critical Mineral Mission approved with an outlay of Rs 16,300 crore
The government has approved the National Critical Mineral Mission with an outlay of Rs 16,300 crore. The mission is expected to address every aspect of the value chain, from mineral exploration and mining to beneficiation, processing, and recovery from end-of-life products.
"Mineral development benefits like royalty will be given to state governments that will help reduce dependence on imports," said Union Minister Ashwini Vaishnaw during a press briefing post the Cabinet meeting.
The mission will prioritize the exploration of critical minerals both within India and in its offshore areas. Additionally, it aims to streamline the regulatory process for critical mineral mining projects by establishing a fast-track approval system.
Join PSU Connect on WhatsApp now for quick updates! Click here
Read Also : Union minister for coal & mines reviewed progress of nlcil projects at chennai
To further support this effort, the initiative will provide financial incentives to promote exploration activities. There will also be a strong focus on recovering critical minerals from overburden and tailings.
The move will encourage both Indian public sector undertakings (PSUs) and private companies to acquire critical mineral assets abroad, while also fostering increased trade with countries rich in these resources.
Additionally, the mission seeks to build a national stockpile of critical minerals to ensure long-term resource security. Lithium, cobalt, copper, nickel, and rare earth elements are known as critical minerals which are essential for manufacturing defence equipment and key technologies.