New Delhi [India], May 2 It is time for India to take a decisive step in rare earth minerals exploration, said the secretary of the Ministry of Mines Vivek Bharadwaj.
Speaking at the launch of the Federation of Indian Chambers of Commerce and Industry's (FICCI) Report on "New Age Energy Minerals", Bharadwaj expressed his enthusiasm for the potential of India's energy mineral sector.
Bharadwaj highlighted the importance of energy minerals in the transition towards a net-zero future and cited the example of Ilmenite, a mineral abundant in India. Despite holding 11 per cent of the world's deposits, India imports a billion dollars worth of titum dioxide yearly, which the secretary attributed to technological inefficiencies and litigations.
To unlock the sector's potential, Bharadwaj emphasised the need to open the sector to private players, encourage domestic exploration, and adopt efficient technologies.
"I think the government, which is very decisive, very proactive, is in the process of amending the Offshore Areas Act that was put in the public domain for consultations. The consultations are now over, and it will be shortly debated by the Parliament," said Bharadwaj.
In his speech, Bharadwaj also drew comparisons between India and other nations like the UK, Canada, and China to illustrate the significance of critical minerals on the global stage. He mentioned that each country identifies its critical minerals based on its resource endowments, citing the UK's 18 identified minerals and Canada's 31. He highlighted the importance of developing India's critical minerals sector, leveraging the country's vast resources, and modernising policies to create a sustainable and competitive industry.
On lithium reserves discovered earlier this year in Jammu and Kashmir's Reasi, the secretary said the auction will be started by December.
"We have completed the consultation process with stakeholders on the amendment of the offshore Mining Act. Hopefully, we will soon bring it in the parliament for discussion," Bharadwaj said.
The central government in February this year said that 5.9 million tonnes of lithium reserves had been found for the first time in the country in Jammu and Kashmir.
Lithium is a non-ferrous metal and is one of the key components in EV batteries, among other industries.
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