Latest News | Karnataka, Rajasthan Launch Auction of Exploration Licenses for Critical, Deep Seated Minerals

New Delhi, Mar 7 (PTI) Karnataka and Rajasthan have launched an auction of exploration licenses for critical and deep-seated minerals, according to an official statement on Thursday.

Karnataka launched the auction of one block each of gold, copper and lithium while Rajasthan launched the auction of three blocks of rare earth elements, rare metal and potash minerals, it said.

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According to the Ministry of Mines, the two states launched the auction of exploration licenses on March 6. Exploration licence blocks are being auctioned for the first time in the country, it said.

The Mines and Minerals (Development and Regulation) Act, 1957, was amended through the MMDR Amendment Act, 2023, with effect from 17.08.2023, inter alia, to introduce new mineral concession of exploration licence for 29 critical and deep-seated minerals to further boost exploration and mining of critical and deep-seated minerals in the country.

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Critical and deep-seated minerals such as cobalt, lithium, nickel, gold, silver, and copper are difficult to explore and mine as compared to surficial or bulk minerals.

The exploration licence granted through auction shall permit the licensee to undertake reconnaissance and prospecting operations for critical and deep-seated minerals.

Exploration license aims to create an enabling mechanism wherein junior mining companies will bring in expertise from around the world in the acquisition, processing and interpretation of exploration data, and leverage the risk-taking ability in the discovery of deep-seated mineral deposits through the adoption of expertise and latest technologies.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)