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New Delhi: India is readying changes to the Mines and Minerals (Development and Regulation) Act that could facilitate funding for acquisition of overseas assets, as it seeks to boost the supply of critical minerals . ET Year-end Special Reads Stocks to buy in 2025: 66 ideas from top brokerages for your new year portfolio What does 2025 hold for India's IT services sector? 2025 may be the year of EVs in India, dominated by SUV launches The proposed changes would also allow operators of existing mines for critical minerals to expand the lease area by paying a fee, with a senior government official saying these are "significant changes". The mines ministry has invited comments from stakeholders on the proposals, and the Bill to amend the MMDR Act may be moved in Parliament later this year.
The Act was last amended in 2023. The government is revamping the National Mineral Exploration Trust (NMET), which is tasked with supporting domestic exploration of critical minerals. It would be renamed the National Mineral Exploration and Development Trust and its mandate expanded to cover exploration, acquisition and development of critical mineral assets overseas as well, the official told ET.
Wider Use of Corpus The NMET currently has over ₹6,000 crore in its corpus and has projects worth ₹4,000 crore sanctioned since its formation in 2015. The change in its mandate will allow for the funds to be used for acquiring overseas assets besides supporting domestic exploration. Artificial Intelligence(AI) Java Programming with ChatGPT: Learn using Generative AI By - Metla Sudha Sekhar, IT Specialist and Developer View Program Artificial Intelligence(AI) Basics of Generative AI: Unveiling Tomorrows Innovations By - Metla Sudha Sekhar, IT Specialist and Developer View Program Artificial Intelligence(AI) Generative AI for Dynamic Java Web Applications with ChatGPT By - Metla Sudha Sekhar, IT Specialist and Developer View Program Artificial Intelligence(AI) Mastering C++ Fundamentals with Generative AI: A Hands-On By - Metla Sudha Sekhar, IT Specialist and Developer View Program Artificial Intelligence(AI) Master in Python Language Quickly Using the ChatGPT Open AI By - Metla Sudha Sekhar, IT Specialist and Developer View Program Marketing Performance Marketing for eCommerce Brands By - Zafer Mukeri, Founder- Inara Marketers View Program Office Productivity Zero to Hero in Microsoft Excel: Complete Excel guide 2024 By - Metla Sudha Sekhar, IT Specialist and Developer View Program Finance A2Z Of Money By - elearnmarkets, Financial Education by StockEdge View Program Marketing Modern Marketing Masterclass by Seth Godin By - Seth Godin, Former dot com Business Executive and Best Selling Author View Program Astrology Vastu Shastra Course By - Sachenkumar Rai, Vastu Shashtri View Program Strategy Succession Planning Masterclass By - Nigel Penny, Global Strategy Advisor: NSP Strategy Facilitation Ltd.
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The proposed amendments to the MMDR Act will allow the government to raise this compulsory contribution to 10%. Simplification regime Regulations are proposed to be simplified to include newly discovered minerals and contiguous areas to an existing mining lease for a fee, the official said. The lease holder for a deep-seated mineral resource may be able to apply for extending the permit to include a contiguous area.
"This would be a one-time facility, and the enhancement would be capped at 10% of the existing leased area," the official added. As per the proposed amendments, mineral production from the extended area would attract a 10% additional payment over the auction premium for auctioned mines. For non-auctioned mines, the rate of royalty on mineral production from this expanded area would be doubled.
Sale of legacy stock of minerals that cannot be used by captive mine lease holders would also be allowed, the official stated. Limestone would be upgraded as a major mineral as per the proposed changes, but states would be allowed to allocate limestone blocks on a nomination basis. (You can now subscribe to our Economic Times WhatsApp channel ).
