NEW DELHI, July 12 (IANS) The Union Cabinet learned on Wednesday that it has approved an amendment to the Mines and Minerals (Development and Regulation) Act, 1957, which will allow the private sector to bid for the extraction of critical minerals such as lithium.
Sources familiar with the developments said that among the list of critical minerals, a few were included under the proposed amendment, which would allow private sector entities to mine.
In addition, the proposed amendment would also allow the central government to auction these metals while ownership would go to the states. The government is optimistic about buying important minerals, especially lithium, which is useful for batteries, especially for electric vehicles.
Lithium is the lightest metal and the least dense solid element.
The high electrochemical potential of this element makes it a valuable component of high energy density rechargeable lithium-ion batteries.
– Jans
Answer / pgh
