India is planning to amend the Mines and Minerals (Development and Regulation) Amendment Act 2023 to specify the use of funds currently earmarked at 5,600 crore for exploring critical mineral mines overseas, according to a top official. The proposed amendments also aim to introduce a tailings policy and modify the royalty structure to facilitate the extraction of critical minerals from waste materials, the official added.
The government is expected to invite initial bids for privatisation of Mineral Exploration Corporation (MECL) on Tuesday, placing advertisements in specialised technical publications in a change of strategy.
Faced with one setback after another in expanding the scope of mining in the country, almost all the major miners of the world have wound down their operations in India.
As many as six merchant bankers including UTI Bank are in the fray for a government mandate to act as advisors for the privatisation of Mineral Exploration Corporation.
The government can auction 100 blocks that have been identified by the Geological Survey of India or exploration.
Nine mineral-rich states -- Andhra Pradesh, Chhattisgarh, Gujarat, Jharkhand, Karnataka, Madhya Pradesh, Odisha, Tamil Nadu and Telangana -- are readying 75 blocks for auction.
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