• UGI USER
  • May 23, 2024
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“INDIA’S CRITICAL MINERALS BENEFITS DELAYED; AUCTIONS BEGIN AMID IMPORT RELIANCE”

Why in the news?

  • India’s critical minerals drive may not yield full commercial benefits before 2031, exposing the country to supply shocks for essential minerals like lithium and cobalt.
  • The government has started auctioning 38 blocks of critical minerals despite current reliance on imports.
Source: ResearchGate

About Critical Minerals:

  • Elements essential to the functioning of modern societies and economies.Face potential supply risks due to geological scarcity, or other factors.
  • Dynamic Process:Evolves over time with new technologies, market dynamics, and geopolitical considerations.
  • Platinum Group Metals (PGMs)- Uses: Key in catalytic converters, fuel cells, and electronics.
  • Lithium, Cobalt, and Nickel– Uses: Essential for lithium-ion batteries in EVs, portable electronics, and energy storage.
  • Titanium– Uses: Aerospace applications for strength, corrosion resistance, and high temps.
  • In 2023, the Indian government listed 30 critical minerals: Antimony, Beryllium, Bismuth, Cobalt, Copper, Gallium, Germanium, Graphite, Hafnium, Indium, etc.
About Geological Survey of India (GSI):

  • Founded in 1851.
  • Current Status:Operates as an attached office to the Ministry of Mines.
  • Headquarters:Located in Kolkata.
  • Main Functions:Creation and updation of national geo-scientific information and assessment of mineral resources.

Associated Article:

https://universalinstitutions.com/cabinet-approves-royalty-rates-for-strategic-minerals/