December 19, 2023
GSI has successfully identified deposits of Iron ore, Manganese, Chromite, Gold, and platinum group elements (PGE), among other things
Rajasthan leads in the number of projects, constituting nearly one-fifth of the total exploration initiatives
Surveys have resulted in the augmentation of substantial resources, including 23.01 billion tonnes of coal, 16.6 billion tonnes of Limestone, and 1.83 billion tonnes of Iron ore
The Mines and Minerals (Development and Regulation) Act (MMDR Act) has undergone several amendments over the years
In FY24, mineral exploration projects in India have surged to 325, as Union Mines Minister Pralhad Joshi reported. Addressing a query in the Rajya Sabha, Joshi highlighted that the Geological Survey of India (GSI), operating under the Ministry of Mines, has been actively engaged in mineral exploration nationwide to enhance resources for various mineral commodities.
Notably, GSI has successfully identified deposits of Iron ore, Manganese, Chromite, Gold, platinum group elements (PGE), Base metals, Rare Earth Elements, Molybdenum, Nickel, Tungsten, Lithium, Limestone, Bauxite, Graphite, Potash, and Phosphorite during this period.
Rajasthan leads in the number of projects, constituting nearly one-fifth of the total exploration initiatives. The count of coal explorations has also risen to 17 in 2023-24 from 13 in the previous fiscal year.
The surveys have augmented substantial resources, including 23.01 billion tonnes of coal, 16.6 billion tonnes of Limestone, and 1.83 billion tonnes of Iron ore. Among critical minerals, notable quantities of rare earth elements ore (136 million tonnes), lithium (5.9 million tonnes), Glauconitic Ore/Potash (812 million tonnes), and cobalt (275 tonnes) have been identified.
Joshi noted that the National Mineral Exploration Trust (NMET) has supported 270 mineral exploration projects, with 162 already completed and 88 proving successful. Odisha leads in the number of successful NMET-funded projects with 21, uncovering deposits of Iron, Copper, Manganese, Limestone, Bauxite, and Graphite in the state.
The Mines and Minerals (Development and Regulation) Act (MMDR Act) has undergone several amendments, fostering a more competitive mining sector. Joshi highlighted that since the enactment of the MMDR Act in 2015, a total of 335 mineral blocks have been auctioned by states, with 227 (68%) auctioned since the MMDR Amendment Act in 2021-22.
Source: Economic Times