PIB Press Releases

Unlocking Huge Potential of Mineral Exploration

Handing Over Ceremony of 100 G4 Mineral Blocks Report by Geological Survey of India for Auction as Composite License on Wednesday

The MMDR Amendment Act, 2015 ushered in transparency in the allocation of mineral concessions in terms of Prospecting License and Mining Lease. In this continuous endeavor, the Mines and Minerals (Development and Regulation) Amendment Act, has been further liberalized in March 2021. The recent amendment is expected to increase employment and investment in the mining sector, increase the revenue to the States, increase production and time-bound operationalization of mines, maintain continuity in mining operations after a change of lessee, increase the pace of exploration and auction of mineral resources.

With this amendment, in order to realize the vision of ‘Atma-Nirbhar Bharat’, the Geological Survey of India has delineated 100 geologically potential mineral blocks for auction.

Handing over these 100 Reports to the State Governments will ensure the continuous supply of minerals in the country and more revenue to the State Governments by bringing more alloy blocks under auction. In a function to hand over the above reports, to be held in Delhi on 8th September 2021, Minister of Mines, Coal, and Parliamentary Affairs Shri Pralhad Joshi along with Minister of State for Mines, Coal, and Railways Shri Raosaheb Patil Danve will be the Chief Guest.

With time, the frequency of major discoveries of an economically viable mineral deposit has decreased and this is a worldwide phenomenon despite tremendous technological advancements. Hence, the situation warrants, the box thinking, new approaches, enhanced cooperation, and enthusiastic participation from the Government and private sectors. In the above scenario, the handing over of 100 reports by GSI to state governments attains crucial importance to the mining sector, industrial growth, and employment generation

Disclaimer: this is an official press release by pib.

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