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Summary:

The Union Cabinet, led by Prime Minister Narendra Modi, has approved the National Critical Mineral Mission (NCMM), with a cost of Rs. 16,300 crore (US$ 1.88 billion) and an expected Rs. 18,000 crore (US$ 2.08 billion) investment from PSUs and other organizations. This initiative aligns with the Atmanirbhar Bharat program, focusing on critical minerals needed for high-tech industries, renewable energy, and defense, as outlined in the 2024-25 Union Budget.

 

The NCMM will cover the entire mineral value chain, from exploration to mining, beneficiation, processing, and recovery of end-of-life products. It will prioritize the exploration of critical minerals both domestically and offshore, with a fast-tracked regulatory approval process for mining projects. Financial incentives will support exploration, while mineral recovery from overburden and tailings will be promoted. The mission will assist PSUs and private companies in acquiring foreign mineral assets and strengthening trade relations. Key provisions include the establishment of mineral processing parks, research initiatives, and a Centre of Excellence.

 

Source: IBEF (Link)

 

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