News Update

Income Tax - Withdrawal of Sec 56(2)(viib) throws too many questions on dashboard!Sheikh Hasina seeks asylum in UK; To say in New Delhi till permission grantedI-T - Jurisdictional AO cannot issue notice u/s 148A(b) outside Faceless Assessment Scheme: HCRajasthan woman gives birth to quadrupletsGovt has taken initiatives to up participation of women in MSMEsUS Court rules Google illegally nourishes monopoly over search engineI-T- Assessment order denying registration to a commercial organisation u/s 12AA is invalid, where it is passed without giving an opportunity of hearing to assessee: HCFood poisoning in UP college - 80 students fall sickIndia has rich deposits of heavy metals but financial viability varies: MinisterKolkata-based man arrested for sending email to Bihar CM, threatening to blow up Patna officeI-T - AO is not correct in denying set off of STCL against STCG for reason that they are taxed at different rates: ITATOil prices jump by one American dollar on escalating Middle East crisisCDS says Need to embrace changes in financial processes due to rapidly changing character of warIraq-base American air base comes under rocket attack; Many injuredCX - Basic customs duty is to be ascertained taking the value into consideration where the value is determined in accordance with the provisions of Section 14 of Customs Act, 1962 : CESTATCabinet Committee on Security reviews turmoil in neighbouring Bangladesh at PM’s residenceClassification of 'electronic control units for electronic power steering' EPS ECUAir India cancels flights to Dhaka; 300 Indian trucks heading to Bangladesh strandedST - TDS deposited to Income Tax Department in relation to payment made to foreign service provider over and above the invoice value of services, is not liable to service tax : CESTATDelhi HC tosses out Kejriwal’s petition questioning arrest by CBILongest 'Glide Path' for 'Nimble' Fiscal Policy Deepens UncertaintyNadda says India’s health budget has grown by 164% since 2014ST - Credit of service tax paid on insurance policies post 01.04.2011, though restricted, would hence continue to be eligible for being taken as credit, if they are used in relation to business of manufacturing and are not for personal use or consumption of any employee: CESTAT
 
India has rich deposits of heavy metals but financial viability varies: Minister

 

By TIOL News Service

NEW DELHI, AUG 06, 2024: INDIA has some deposits of heavy metals and critical minerals essential for crucial industries such as Li-Ion batteries, semiconductor technology, and computing. However, the extent to which these deposits are significant and financially viable varies. These deposits are scattered across different regions of the country, with varying levels of accessibility and extraction feasibility. The details are as under:

1. Lithium - India has discovered lithium reserves in the states of Karnataka and Jammu & Kashmir.

2. Cobalt & Nickel - Cobalt, & Nickel is generally found in association with copper ores. Small deposits are known to exist in Odisha and Jharkhand. India's reserves are relatively modest.

3. Rare Earth Elements (REEs) - India has significant reserves of rare earth elements in the states of Andhra Pradesh, Karnataka, Odisha, and Kerala. The monazite sands in Kerala are particularly rich in REEs.

4. Graphite - India has substantial reserves of high-quality graphite. Graphite is found in Arunachal Pradesh, Jharkhand, and Tamil Nadu.

5. Further, as per National Mineral Inventory (NMI) as on 01.04.2020, the reserve/resources of critical minerals is given in Annexure-I.

No. Currently, there are no working mining leases for cobalt, nickel, lithium, and neodymium in the country for production purposes.

However, India has mining and production of some critical metals, although it still largely depends on imports to meet its demand. There are 54 mining leases of critical minerals viz. graphite, rock phosphate and tin ore, in the country and the details are as follows:

Mineral

Number of Leases

Working

Non-Working

Graphite

32

9

23

Rock Phosphate

7

6

1

Tin Ore

15

5

10

Grand Total

54

20

34

The projected annual requirement of critical minerals such as cobalt, nickel, lithium, neodymium etc. in the next few years is as follows:

(in tonnes)

Mineral

2025

2026

2027

2030

Cobalt

17

49

147

3,878

Lithium

58

174

517

13,671

Nickel

2,629

3,057

6,663

17,492

Neodymium

223

261

830

766

As regards the steps being undertaken to conduct the exploration of such resources, the Geological Survey of India (GSI) is involved in exploration of critical minerals/metals with special emphasis on exploration of areas, which are potential for critical and strategic minerals and has given thrust to increase the number of exploration projects across the country. GSI has increased its exploration projects for critical and strategic minerals from 118 nos. in 2021-22 to 196 nos. in 2024-25. Since amendment of MMDR Act, 2015, the details of cumulative resource augmented by GSI for critical and strategic minerals at various cut off and different average grade is as follows:

S.No.

Commodity

Resource

(in million tonnes)

1

Rare Earth Elements (REE) ore

230.0

2

Lithium

12.3

3

Gallium ore

74.0

4

Graphite ore

32

5

Niobium ore

282.0

6

Vanadium ore

71.0

7

Cobalt

275 tonnes

8

Tin ore

3.0

9

Tungsten ore

21.5

10

Molybdenum ore

1.7

11

Platinum Group Elements (PGE) ore

1.0

12

Nickel ore

4.7

In order to promote exploration of critical and deep-seated minerals, a new mineral concession namely, Exploration Licence has been introduced for 29 deep-seated minerals, of which many are of critical minerals, which will permit the licencee to undertake reconnaissance and prospecting operations for these minerals. GSI has handed over 20 blocks for auction as exploration license to State Governments of which 12 blocks are notified for auction by State of Rajasthan, Karnataka, Maharashtra, Andhra Pradesh, Madhya Pradesh and Chhattisgarh.

In order to encourage private participation in exploration, Ministry of Mines has notified 23 private exploration agencies (NPEAs). These agencies are taking up exploration projects through funding from National Mineral Exploration Trust (NMET).

As regards the mining of such resources, the Central Government has amended the "Mines and Minerals (Development and Regulation) Act, 1957", in 2023 to empower Central Government to exclusively auction blocks for 24 critical and strategic minerals mentioned in part D to the Schedule-I of the MMDR Act, 1957. So far, 14 critical mineral blocks [Mining Lease-2, Composite Licence-12] have been successfully auctioned having minerals viz., Lithium, Rare Earth Elements (REE), Graphite, Vanadium, Nickel, Chromium, Glauconite, Platinum Group of Elements (PGE) and Phosphorite. These blocks are spread across the States of Bihar, Madhya Pradesh, Karnataka, Odisha, Tamil Nadu, Uttar Pradesh and Chhattisgarh. Earlier, State Governments had auctioned 30 blocks of critical minerals. So far, a total of 44 blocks of critical minerals have been auctioned by the Central Government and various State Governments as per table given below:

Mineral

Auctioned Blocks

Mining Lease

Composite Licence

Basemetal

4

0

4

Glauconite (Potash)

5

0

5

Graphite

14

6

8

Graphite Vanadium

2

1

1

Lithium and Rare Earth Elements

(REE)

1

0

1

Nickel, Chromium and associated Platinum Group Elements (PGE)

minerals

4

0

4

Phosphorite

6

1

5

Rock Phosphate

4

1

3

Graphite and Manganese

2

2

0

Basemetal & Associated Minerals

2

0

2

Grand Total

44

11

33

This information was given by Union Minister of Coal and Mines Shri G. Kishan Reddy in a written reply in Rajya Sabha yesterday.

Annexure-I

Reserves/resources of Critical minerals as per NMI as on 01.04.2020

Figures rounded off

*contains glauconite, polyhalite, sylvite.

@ contains ilmenite, rutile, leucoxene and anastase.


POST YOUR COMMENTS
   

TIOL Tube Latest

Dr. Shailendra Kumar, Chairman, TIOL Knowledge Foundation, addressing the gathering



Shri Ram Nath Kovind, Hon'ble 14th President of India, addressing the gathering at TIOL Special Awards event.