Major foreign mining and refining companies have assured the Indian government that they will have sufficient stocks of rare-earth oxides to supply to the winning bidders under the country's production-linked incentive (PLI) scheme for indigenous manufacturing of rare-earth permanent magnets (REPMs), Business Standard has learnt.
The government plans to establish a fully indigenous manufacturing ecosystem with an annual production capacity of up to 6,000 tonnes. The scheme is expected to run for seven years, according to official documents.
Following the disruption in the supply of rare earth or permanent magnets after China's notification on April 4, the mines ministry is planning to introduce a Rs 1,500 crore incentive scheme to recycle critical minerals, according to a top official.
The 17 rare earth elements that are at the centre of the current crisis are critical components of everyday products -- from cars to jet engines to electronics like smartphones and flat-screen TVs.
'We remain in touch with the Chinese side, in Beijing as well as in Delhi, to bring predictability in the supply chain.'
In a significant move, the United States on Wednesday removed restrictions on three Indian nuclear entities, over a week after National Security Advisor Jake Sullivan announced that Washington was finalising steps to 'remove' hurdles for civil nuclear partnership between Indian and American firms.
Prime Minister Narendra Modi and US President Donald Trump have vowed to move forward with plans to work together to build US-designed nuclear reactors in India. The decision was made during their meeting at the White House, where they also agreed to significantly expand energy cooperation. The move comes after India announced plans to amend its nuclear liability law and the Atomic Energy Act, which had previously been obstacles to the implementation of the US-India civil nuclear deal.
India on Saturday announced plans to amend its nuclear liability law and set up a nuclear energy mission, a move that came ahead of Prime Minister Narendra Modi's likely visit to the United States.
Loss of Odisha Sands Complex is estimated at about Rs 100-crore.
The Central Bureau of Investigation has unearthed a scam in the purchase of uranium extraction filters worth Rs 50 lakh by some senior officials of the public sector Indian Rare Earths Ltd, the investigating agency officials said. The CBI, which conducted raids on the official and residential premises of the IRE officials -- two general managers, two deputy general managers and one manager -- at Kalmaserry in Kerala, has seized several incriminating documents.
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