FCC

India Boosts Critical Minerals Exploration, Sets Strategic Goals

2023-07-26

"In Rajya Sabha, Union Minister of Coal, Mines, and Parliamentary Affairs, Pralhad Joshi, disclosed that during the initial four months of the financial year 2023-24 (FY24), the Geological Survey of India (GSI) took up a total of 122 critical minerals exploration projects. Over the past three years, the scientific agency had initiated 422 critical minerals exploration projects," said Joshi.

He further stated, "The Ministry of Mines has been prioritizing the exploration of these minerals across the nation through the Geological Survey of India (GSI) and other agencies."

The report highlighted that the number of exploration exercises reached a peak in FY23, with 123 projects being undertaken. However, this year's count of 122 ongoing projects is set to surpass the previous record significantly.

The government's focus on critical mineral exploration is aimed at bolstering its strategic resource security. Recently, the Union government unveiled its inaugural critical minerals list, which comprises 30 key minerals essential for the country's economic growth and technological advancement.

Among the listed minerals are 17 rare earth elements (REEs) and six platinum-group elements (PGE), each designated as critical based on their economic importance and limited availability in India's geological reserves. Notable minerals on the list include antimony, beryllium, bismuth, cobalt, copper, gallium, germanium, graphite, hafnium, indium, lithium, molybdenum, niobium, nickel, phosphorus, potash, rhenium, silicon, strontium, tantalum, tellurium, tin, titanium, tungsten, vanadium, zirconium, selenium, and cadmium, all considered vital to the Indian economy.

To handle tasks related to strategic minerals, the government established a joint venture named Khanij Bidesh India Ltd (KABIL) in 2019. The venture includes three public-sector undertakings, namely the National Aluminium Company, Hindustan Copper, and Mineral Exploration Company, with a stake ratio of 40:30:30.

"The objective of KABIL is to identify and acquire overseas mineral assets of critical and strategic nature, such as Lithium, Cobalt, and others, to ensure supply-side assurance," explained the minister. He added, "KABIL is actively engaged with countries like Argentina, Australia, etc., to acquire critical & strategic mineral assets."