Unlocking Mineral Wealth: The New Exploration Licence Regime

The government's new exploration licence regime aims to enhance the discovery of critical minerals by enabling private sector participation. A national workshop highlighted its potential in shifting from passive to active mineral exploration, inviting private investment. The MMDR Amendment Act, 2023 supports this initiative by opening 13 exploration blocks for auction.

The government underscored the transformative potential of the new exploration licence regime on Tuesday, focusing on unlocking the country's critical mineral reserves. At the forefront of this initiative is the Ministry of Mines, which organized a National Workshop and Roadshow to discuss the upcoming Tranche-1 Auction of Exploration Licence blocks.

In his keynote address, V L Kantha Rao, Secretary of the Ministry of Mines, highlighted the strategic shift this policy represents. It marks a transition from passive ownership to active mineral exploration, particularly empowering private sectors to undertake substantial early-stage exploration for minerals such as Lithium, REEs, Gold, Diamond, and PGEs.

Adding to the discourse, Mines Additional Secretary Sanjay Lohiya reiterated the government's commitment to fostering a competitive and tech-driven exploration ecosystem. He called for collaboration between public and private entities, encouraging all stakeholders to engage in the auction for the 13 exploration licence blocks, covering essential minerals like Rare Earth Elements, zinc, diamond, and copper.

(With inputs from agencies.)