Critical minerals emerged as drivers of modern economy: Coal minister

Coal and mines minister G Kishan Reddy on Thursday said that critical minerals have emerged as drivers of the modern economy and the Centre has ensured the country taps into this global opportunity through the launch of the National Critical Mineral Mission.

Union Budget 2024-25 has proposed launching Critical Mineral Mission for domestic production, recycling of critical minerals, and overseas acquisition of critical mineral assets. Its mandate will include technology development, skilled workforce, extended producer responsibility framework, and a suitable financing mechanism.

Addressing the national seminar on challenges and opportunities in the mines and minerals sector organised by the Mining, Geological, Metallurgical Institute of India, Reddy said that the government has brought about a paradigm change in the coal and minerals sector, making it transparent and competitive.

 

He elaborated on the government's extensive efforts over the past decade to harness this potential through initiatives such as the introduction of a commercial auction regime for coal and mineral blocks and encouraging private sector partnership. Critical minerals, such as cobalt, copper, lithium, nickel and rare earths, play a crucial role in the production of clean energy technologies, from wind turbines to electric cars.

Such minerals are in demand for the production of batteries for electric cars. The government has successfully auctioned 14 critical mineral mines.