New Scheme To Expedite The Exploration Of Critical Minerals:
The Ministry of Mines has introduced a new scheme to expedite the exploration of critical and deep-seated minerals.
- Under this initiative, the ministry will directly sanction exploration projects to Notified Private Exploration Agencies (NPEAs).
- Additionally, these NPEAs are now permitted to bid for auctioning mineral blocks they have explored, a privilege previously unavailable to them.
- This decision aims to eliminate delays in project approvals, accelerate project execution, and encourage larger companies and international players to engage in exploration projects with NMET funding.
- Critical minerals such as copper, lithium, nickel, cobalt and rare earth elements are essential components in many of today’s rapidly growing clean energy technologies i.e from wind turbines and electricity networks to electric vehicles. Demand for these minerals is growing quickly as clean energy transitions gather pace.