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Plans are underway to pool resources to boost mineral exploration by both public and private sectors. Additionally, the NCMM may permit exploration by large foreign mining companies to fully utilise available deposits of critical minerals.
China currently dominates the global production and processing of critical and rare earth minerals. These minerals are vital for the growth of electric vehicles (EVs), semiconductors, and other advanced technologies.
Domestic availability and affordability of critical minerals have gained importance amid fears of global protectionism, which were heightened by former US President Donald Trump‘s threats of tariffs and the possibility of retaliatory measures from countries like China.
According to the Indian government, the following 30 minerals have been classified as critical: antimony, beryllium, bismuth, cobalt, copper, gallium, germanium, graphite, hafnium, indium, lithium, molybdenum, niobium, nickel, PGE, phosphorus, potash, rare earth elements (REE), rhenium, silicon, strontium, tantalum, tellurium, tin, titanium, tungsten, vanadium, zirconium, selenium, and cadmium.
India’s Ministry of Mines has increased its focus on the exploration of critical minerals through the Geological Survey of India (GSI) and other agencies. A joint venture company, Khanij Bidesh India Limited (KABIL), has been incorporated with equity contributions from three Central Public Sector Enterprises: National Aluminium Company, Hindustan Copper, and Mineral Exploration Corporation.
Its objective is to identify and acquire overseas mineral assets of critical and strategic importance to ensure supply-side security. KABIL has established engagements with countries like Argentina and Australia to acquire critical and strategic mineral assets.
The Union Budget 2024-25 proposed the establishment of a Critical Mineral Mission for domestic production, recycling of critical minerals, and overseas acquisition of critical mineral assets. The mission’s mandate will include technology development, workforce training, an extended producer responsibility framework, and a suitable financing mechanism.
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