Business News | India's First Exploration Licence Auction for Deep-seated Minerals Launched
Get latest articles and stories on Business at LatestLY. India's first-ever auction of exploration licences, a significant reform aimed at unlocking the nation's untapped critical and deep-seated mineral resources, was held in Goa.
New Delhi [India], March 14 (ANI): India's first-ever auction of exploration licences, a significant reform aimed at unlocking the nation's untapped critical and deep-seated mineral resources, was held in Goa.
On Thursday, Union Minister G Kishan Reddy and Chief Minister of Goa Pramod Sawant jointly launched the auction of 13 Exploration Licence blocks, covering critical minerals such as Rare Earth Elements (REE), Zinc, Diamond, Copper, and Platinum Group Elements (PGE).
"This initiative, facilitated through a transparent online bidding process, is set to accelerate systematic mineral exploration, enhance private sector participation, and reduce import dependency," said the Ministry of Mines in a statement.
Highlighting the significance of this moment, G Kishan Reddy stated that this reform will accelerate the discovery of critical and deep-seated minerals, boost investor confidence, and pave the way for a self-reliant, future-ready mineral ecosystem aligned with India's clean energy and industrial ambitions.
"For the first time, India is opening up systematic early-stage exploration through a structured and transparent auction process," the Union minister said, as per the statement.
Goa Chief Minister lauded the government's reformative steps, stating that his state has a rich mining legacy.
"...we are committed to responsible, technology-driven mineral development. These reforms will not only unlock India's mineral potential but also create new opportunities for sustainable mining," said the chief minister.
Secretary, Ministry of Mines, VL Kantha Rao emphasized that this auction marks a pivotal step in India's journey towards mineral self-reliance.
The integration of AI-driven exploration techniques and private-sector participation will play a crucial role in unlocking the nation's vast mineral resources.
The Ministry is committed to ensuring the timely operationalization of these blocks to meet the growing demand for critical minerals.
As part of the event in Goa, a hackathon on "Mineral Targeting using Artificial Intelligence" was inaugurated by Union Minister Reddy and Chief Minister Sawant.
The initiative aims to leverage AI-driven techniques and geoscience data to identify new mineral-rich zones, particularly concealed and deep-seated deposits.
Participants will develop AI models utilizing datasets such as geophysics, geochemistry, remote sensing, and borehole data, focusing on critical minerals like REE, Ni-PGE, and Copper. (ANI)
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