Delhi Delhi: The Ministry of Mines on Wednesday said it is going to launch the country’s first auction of exploration licences (EL) in Goa on March 13. The ministry said the move is a major reform to unlock India’s untapped critical and deep mineral resources. Exploration licences pertain to licences granted to carry out reconnaissance and prospecting operations for critical and deep minerals. These licences allow private sector players to discover and evaluate mineral deposits. According to a ministry release, the event 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 attended by Union Coal and Mines Minister G Kishan Reddy and Goa Chief Minister Dr Pramod Sawant. With the enactment of the MMDR Amendment Act, 2023, exploration licences were introduced to allow private participation in exploration and prospecting of 29 critical and deep minerals including lithium, copper, cobalt, gold, silver, REE and PGE, which are listed in the new Seventh Schedule of the Act.
To facilitate smooth implementation, the Central Government issued an order to conduct the EL auction process on 21.10.2024, exercising its powers under Section 20A of the MMDR Act.
In the first phase, the ministry will auction 13 exploration blocks for minerals such as REE, zinc, diamond, copper and PGE through a transparent online bidding process. The tender documents for Tranche I will be available on the MSTC auction platform from March 20, 2025. The move is expected to accelerate exploration, increase private sector participation and promote India’s mineral security and self-sufficiency in critical minerals, the ministry said. The Ministry of Mines is committed to advancing exploration, innovation and sustainable development in the mining sector. (ANI)
