K’taka and Raj are seeking bids to provide licenses to investigate mineral deposits

<p>The announcement by the governments of Karnataka, Rajasthan, Maharashtra, Madhya Pradesh, Andhra Pradesh, and Chhattisgarh to sell exploration licenses in order to uncover the potential of vital and deeply buried minerals is a big step forward.</p>
<p><img decoding=”async” class=”alignnone wp-image-514042″ src=”https://www.theindiaprint.com/wp-content/uploads/2024/03/theindiaprint.com-ktaka-and-raj-are-seeking-bids-to-provide-licenses-to-investigate-mineral-deposits-750×500.jpg” alt=”theindiaprint.com ktaka and raj are seeking bids to provide licenses to investigate mineral deposits” width=”993″ height=”663″ title=”K'taka and Raj are seeking bids to provide licenses to investigate mineral deposits 12″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2024/03/theindiaprint.com-ktaka-and-raj-are-seeking-bids-to-provide-licenses-to-investigate-mineral-deposits-750×500.jpg 750w, https://www.theindiaprint.com/wp-content/uploads/2024/03/theindiaprint.com-ktaka-and-raj-are-seeking-bids-to-provide-licenses-to-investigate-mineral-deposits-1024×683.jpg 1024w, https://www.theindiaprint.com/wp-content/uploads/2024/03/theindiaprint.com-ktaka-and-raj-are-seeking-bids-to-provide-licenses-to-investigate-mineral-deposits-768×512.jpg 768w, https://www.theindiaprint.com/wp-content/uploads/2024/03/theindiaprint.com-ktaka-and-raj-are-seeking-bids-to-provide-licenses-to-investigate-mineral-deposits.jpg 1200w” sizes=”(max-width: 993px) 100vw, 993px” /></p>
<p> </p>
<p>In order to expedite the exploration and mining of 29 vital and deeply buried minerals in the nation, the Mines and Minerals (Development and Regulation) Act, 1957 was amended to include the exploration license (EL) system. Minerals included in the Seventh Schedule may be awarded EL at auction.</p>
<p>According to a press release, Rajasthan held an auction of three blocks of rare earth elements and metals, as well as potash minerals, in the districts of Barmer, Jodhpur, Hanumangarh, Churu, Bikaner, Sri Ganganagar, Jaipur, Nagaur, and Sikar. Karnataka had started the auction of one block of gold, copper, and lithium in Raichur and Yadgir.</p>
<p>This trend persisted when Madhya Pradesh and Andhra Pradesh announced their NITs for two and one EL blocks, respectively, on March 11 and March 7, respectively, after Maharashtra had announced its NIT for two EL blocks. With three EL blocks on March 13, Chhattisgarh brought the total to 12 EL blocks, extending the national scope of the exploration license system.</p>
<p>“Andhra Pradesh has issued NIT for one block of Rare Earth Element in Chittoor and Tirupati Districts, while Maharashtra has issued NIT for two EL blocks of Lead, Zinc & Copper (Base Metal), and Diamond in Gadchiroli District. Madhya Pradesh has issued NIT for two EL blocks of Diamond with Copper, Lead, Zinc, and associated minerals (Base Metal), PGE & Associated minerals in Shivpuri, Gwalior, and Betul Districts. Additionally, three EL blocks for diamond and rare earth group minerals in the districts of Kondagoan, Narayanpur, and Bastar received NITs from the Chhattisgarh government, according to the statement.</p>
<p>“State governments worked assiduously to prepare the blocks for sale, and the federal government granted the required prior permission for auction, in order to hasten the start of NIT for the Exploration License auction. The Ministry of Mines submitted the model tender document for the auction to award the exploration license on March 1, 2024, in order to further assist and support the State Governments, the statement said.</p>
<p>The goal of the exploration license system is to find key minerals like lithium, copper, silver, diamond, and gold more quickly. There is considerable involvement from the business sector. The licensee will be allowed to undertake prospecting and reconnaissance activities via the auction process in order to find feasible mining regions. According to the auction offer, the license holder will get a portion of the auction premium income for 50 years. Furthermore, upon the execution of the EL, the license holder may transfer the license.</p>