Amendments to the Mines and Minerals (Development and Regulation) Amendment Act 2023
India is planning significant amendments to the Mines and Minerals (Development and Regulation) Amendment Act 2023 to enhance the extraction and exploration of critical minerals both domestically and internationally.
Key Amendments and Objectives
- Specification of funds amounting to ₹5,600 crore for exploring critical mineral mines overseas.
- Introduction of a tailings policy and modification of the royalty structure to facilitate extraction from waste materials.
- Advancement of the National Critical Minerals Mission (NCMM) to secure strategically important minerals for commercial use.
National Critical Minerals Mission (NCMM)
- Budget allocation of ₹16,300 crore over seven years (FY 2024–25 to FY 2030–31).
- Expected additional investment of ₹18,000 crore by Central Public Sector Enterprises (CPSEs).
- Initiatives to promote recovery of critical minerals from tailings using various technologies.
Proposed Changes to the Act
- The MMDR Act, 1957, has undergone amendments in 2015, 2016, 2020, 2021, and 2023.
- Reduction in royalty for critical minerals like cobalt extracted alongside manganese.
- Amendment of the National Mineral Exploration Trust (NMET) provisions to support international exploration activities.
Additional Initiatives
- Stockpiling driven by demand to prevent losses, with guidelines in development.
- Encouragement for mine owners to explore dumps and tailings for critical minerals using advanced technologies.
Despite the proposed amendments, queries to the mines ministry officials remain unanswered, highlighting pending clarifications.
