- Lithium and five other minerals are now legal to mine
- The six minerals will also be mined by private companies
The central government has approved the lithium mining auction proposal, clearing the way for private companies to get involved, as reported on Wednesday.
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The Cabinet has approved amendments to the Mines and Minerals (Development and Regulation) (MMDR) Act. The center has opened for lithium mining and five other minerals. It can also mine six minerals through private companies.
As a light and soft metal, lithium is the most abundant metal in the world. Minerals convert chemical energy into electrical energy. Lithium is a non-ferrous metal and one of the key components of electric vehicle batteries.
Earlier this year, India discovered lithium reserves worth 5.9 million tons in Jammu and Kashmir. The amount of lithium is important for the country, which competes with the global average.
Currently, 47 percent of lithium is produced in Australia, 30 percent in Chile, and 15 percent in China. India depends on mineral imports, including lithium, nickel, and cobalt. It has recently sought to increase its supply of key minerals, including lithium, which is key to advancing its electric vehicle plans. The Indian Mines Minister said last month that additional lithium reserves could be found in Jammu and Kashmir. Further exploration activities are underway in the Salal Hamima area of Reasi state. He also said an auction of the discovered lithium ore would take place in December, with the ministry reviewing the lowest price.
Last month, Australian billionaire Gina Rinehart also entered the lithium field after her mining company, Hancock Prospecting, signed deals with Legacy Iron Ore and Hawthorne Resources. The agreement provides for mineral exploration at the Mount Bevan Project in Western Australia. The National Mineral Development Corporation of India (NMDC) owns 90% of legacy iron ore, according to the company’s 2022 annual report.
Legacy Iron Ore’s annual report for 2022 shows that the Indian government’s National Mineral Development Corporation (NMDC) owns 90 percent of the company, according to the report.
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