Leg-up for lithium hunt as LS passes mining Bill
New Delhi: The government pressed ahead with its legislative agenda in the monsoon session of Parliament, getting Lok Sabha approval for the Mines and Minerals (Development and Regulation Amendment) Bill, 2023 which seeks larger participation of the private sector in mineral exploration and production, including that for sought-after lithium. The reform initiative in the Bill brings lithium out from the list of restrictive atomic minerals where permission to mine could only be granted by the Centre to government companies.
The change would allow auction of this critical mineral, used extensively for making batteries for electric vehicles, by the private sector. The Bill empowers the central government to exclusively auction mining lease and composite exploration licence for certain critical high value minerals such as gold, silver, platinum and copper.
Union minister for coal and mines Pralhad Joshi had introduced the Bill in the Lok Sabha on Wednesday amid continuous slogan-shouting by opposition members over the upheaval in Manipur. The amendment Bill will also dispense with the cumbersome forestry clearance process for mine reconnaissance and prospecting operations, making it easier for the private sector to participate in exploration of the country’s mineral resources.
The new set of changes in mining legislation is being brought to make mineral exploration and production more attractive for investors. The reform proposals in the amendment legislation also include allowing states to grant composite mineral licence without having to get central nod.
This is expected to enable state governments to put the blocks for auction for composite at faster pace. It will also raise and fix mineral-wise maximum area limits for
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