India Mines Ministry to Hold Historic Exploration License Auction in March

The Ministry of Mines will launch its maiden auction for exploration licenses in March, which is a big leap forward in India's mining industry. Initially, the ministry will offer 13 blocks for minerals up for auction. The move comes in the wake of the amendment in the Mines and Minerals (Development and Regulation) Act 2023 that permitted the allotment of exploration licenses for key and deep-recessed minerals by way of auctions. The Geological Survey of India has ramped up its exploration efforts, with 438 projects in progress during the 2024-25 field season. The action is intended to enhance indigenous mineral production, cut import reliance, and increase India's strategic mineral stockpiles. The auction is part of a larger effort to modernize India's mining industry, including the application of cutting-edge technologies such as AI and drone surveys.

Source: PSU Connect, Business Standard