The mines ministry on Friday said it has permitted notified private exploration agencies to participate in the auction of critical and deep-seated mineral blocks explored by them.
The development will attract bigger mining companies in the exploration arena and is likely to encourage junior mining companies from around the world to come to India and take up exploration projects with National Mineral Exploration Trust funding.
The ministry further said it has also launched a new scheme to directly sanction projects for exploration of critical and deep-seated minerals to notified private exploration agencies.
This new scheme will help bring new technologies in the field of exploration.
The decision to allow NPEAs to directly submit projects in Ministry of Mines will help cut delays in sanction of projects as well as fast-track execution of projects.
The move aims at giving a fillip to exploration of critical and deep-seated minerals.
"Ministry of Mines has launched a new scheme to directly sanction exploration projects to NPEAs for critical and deep-seated minerals. Further, the ministry has also allowed these NPEAs to bid for auction for mineral blocks explored by them which was not allowed earlier," an official statement said.
Recently, through an amendment in the MMDR Act, 24 minerals such as graphite and nickel were notified as critical and strategic minerals by Ministry of Mines.
The amendment gives the power to grant mineral concession of these minerals to the Centre so that it can prioritise auction of these minerals.
"In tune with the amendments of 2023 and to increase the pace of exploration in the country for these minerals, Ministry of Mines has notified a transformative scheme wherein NPEAs will be directly sanctioning exploration projects for minerals mentioned in Part D of First Schedule and in Seventh Schedule of MMDR Act, 1957 from NMET," the ministry said.
Critical minerals cater to the needs of sectors such as renewable energy, defence and agriculture.
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