Centre approves incentive for exploring critical minerals
Mines Ministry on Tuesday approved a 25% (of the approved cost) incentive for exploration of critical minerals in the country. In a post on social media, Mines Minister Prahlad Joshi said, «This incentive will be provided through National Mineral Exploration Trust and will help in the discovery of critical minerals in the country.»
Exploration agencies from both public and private sectors can avail this financial incentive on successful discovery of critical minerals in the projects, Joshi added.
This move is in line with recently approved amendments to the Mines and Minerals (Development and Regulation) Act, 1957.
After these changes, the centre can auction mines and ramp up production of critical minerals in India. Lithium, cobalt, and graphite output are expected to get a fillip as the government hopes to speedily conduct auctions for these minerals.
