New Delhi [India], March 12 : The Ministry of Mines is set to launch the nation's first-ever auction of Exploration Licences (ELs) in Goa on March 13, the Ministry of Mines said on Wednesday.
The ministry said that the move is a major reform to unlock India's untapped critical and deep-seated mineral resources.
Exploration licenses pertain to licences granted for undertaking reconnaissance and prospecting operations for critical and deep-seated minerals. These licenses allow private sector players in finding and evaluating mineral deposits.
As per the Ministry's release, the programme will also feature a Roadshow on the 5th Tranche of Critical Mineral Blocks and the launch of AI Hackathon 2025, a Mineral Exploration Hackathon focused on "Mineral Targeting using AI".
The event will be graced by Union Minister for Coal and Mines, G Kishan Reddy, and Chief Minister of Goa, Dr Pramod Sawant.
With the enactment of the MMDR Amendment Act, 2023, Exploration Licences were introduced to allow private participation in reconnaissance and prospecting for 29 critical and deep-seated minerals, including lithium, copper, cobalt, gold, silver, REEs, and PGEs, listed in the new Seventh Schedule of the Act.
To facilitate smooth implementation, the Central Government exercised its powers under Section 20A of the MMDR Act, issuing an order on 21.10.2024 to conduct the EL auction process.
In the first phase, the Ministry will auction 13 Exploration Blocks for minerals like REE, Zinc, Diamond, Copper, and PGE, through a transparent online bidding process. Tender documents for Tranche I will be available on the MSTC auction platform from March 20, 2025.
The ministry said that the step is expected to accelerate exploration, increase private sector participation, and bolster India's mineral security and self-reliance in critical minerals.
The Ministry of Mines remains committed to advancing exploration, innovation, and sustainable development in the mining sector.
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