India Approves $1.88bn National Critical Mineral Mission

India Mineral

India's government approved $1.88bn for its National Critical Mineral Mission (NCMM). This aims to secure a sustainable supply of vital minerals.

Mission Goals and Funding

The mines ministry will implement the NCMM over seven years, from 2024-25 to 2030-31. The mission, costing Rs163bn ($1.88bn), expects Rs180bn in PSU and company investments. The goal is to encourage Indian firms to acquire overseas critical mineral assets. It also seeks to boost trade with resource-rich nations and build a domestic stockpile. Critical minerals include cobalt, gallium, nickel, lithium, molybdenum, rare earths, and titanium.

Boosting Domestic Production and Processing

Furthermore, India will increase domestic critical mineral production. This involves expanding exploration and mining. Government agencies will launch 1,200 exploration projects. Over 100 critical mineral resource blocks will be auctioned by 2030-31. Four mineral processing parks will be established to enhance domestic processing. The government already removed customs duties on most critical minerals in the 2024-25 Union budget. Import duties on scrap, black mass, and e-waste will also be reviewed under the NCMM.