GSI delineates 100 geologically potential mineral blocks for auction: Govt

In order to realise the vision of self-reliant India, the Geological Survey of India (GSI) has delineated 100 geologically potential mineral blocks for auction, the government said on Monday.

Handing over of 100 mineral blocks' reports to state governments will ensure continuous supply of minerals in the country and more revenue to state governments by bringing more mineral blocks under auction, the mines ministry said in a statement.

The function to hand over the above reports will be held in the national capital on Wednesday. Minister of Mines, Coal and Parliamentary Affairs Pralhad Joshi along with Minister of State for Mines, Coal and Railways Raosaheb Patil Danve will be the Chief Guest.

With time, the frequency of major discoveries of an economically viable mineral deposit has decreased and this is a worldwide phenomenon despite tremendous technological advancements.

Hence, the situation warrants an out-of-box thinking, new approaches, enhanced cooperation and enthusiastic participation from the government and private sectors, the statement said.

"In the above scenario, the handing over of 100 reports by GSI to state governments attains crucial importance to the mining sector, industrial growth and employment generation," it said.

The MMDR Amendment Act, 2015, ushered in transparency in the allocation of mineral concessions in terms of prospecting licence and mining lease. In this continuous endeavour, the Mines and Minerals (Development and Regulation) Amendment Act was further liberalised in March 2021.

The recent amendment is expected to increase employment and investment in the mining sector, increase the revenue to states, increase production and time bound operationalisation of mines, maintain continuity in operations after change of lessee, increase the pace of exploration and auction of mineral resources.