Critical minerals have emerged as the driving forces of the contemporary economy: Reddy

10 Aug 2024

The Minister of Coal and Mines, G. Kishan Reddy, recently stated that crucial minerals have emerged as pivotal contributors to the contemporary economy, and the Centre has ensured that the country capitalises on this global opportunity by launching the National Critical Mineral Mission.

The Union Budget 2024-25 proposes the establishment of the Critical Mineral Mission, which aims to promote domestic production, recycling of critical minerals, and the overseas acquisition of critical mineral assets. Its mandate will encompass technology advancement, a proficient workforce, a comprehensive producer responsibility framework, and a suitable financing mechanism.

During his address to the national seminar on challenges and opportunities in the mining and minerals sector, which was organised by the Mining, Geological, and Metallurgical Institute of India, Reddy stated that the government has implemented a significant transformation in the coal and minerals sector, resulting in increased transparency and competitiveness.

He outlined the government's extensive efforts over the past decade to harness this potential through initiatives such as the introduction of a commercial auction regime for coal and mineral blocks and encouraging private sector partnerships. Critical minerals, such as cobalt, copper, lithium, nickel, and rare earths, play a pivotal role in the production of clean energy technologies, ranging from wind turbines to electric cars. Such minerals are essential for the production of batteries for electric cars. The government has successfully auctioned 14 critical mineral mines, including 14 critical mines.