New scheme in works to support domestic critical mineral processing plants: Mines Secretary

The centre is preparing a new scheme to support setting up critical mineral processing units in the country, Union Mines Secretary, Piyush Goyal said Friday. Speaking to journalists in New Delhi, he said it is important to develop processing value chain within the country. Goyal also said a consortium of public sector undertakings will bid to acquire four copper mines in Chile.

“The new mineral processing scheme will work along with existing ones of specialty steel and battery manufacturing,” the secretary said without divulging details of fund allocation or tentative timeline for approvals.

“We will initially target processing facilities for two minerals,” Goyal said, adding Indian private sector players have committed raw material supplies for these future units through imports from their overseas acquisitions.

Elaborating on the critical mineral acquisition plans, he said plans are afoot to improve domestic copper availability while also eyeing overseas assets. “A consortium of public sector undertakings will shortly submit bids to acquire four copper mines from Codelco (National Copper Corporation of Chile),” he said.

According to Goyal, India will be scaling up domestic ore production and “hopes to become an exporter next year.” He said domestic copper ore production stood at 4.3 million tonnes per annum (mtpa), which will rise to 12 mtpa in 2030.

India has also set eyes on unlocking its gold trapped in mining residue. “The gold tailings policy is ready,” Goyal said, adding the Mines Ministry has sought direction from the High Court on the way forward for monetising gold tailings with Bharat Gold Mines Limited (BGML).