Ministry of Mines auctioned 105 mineral blocks in FY 2022-23
A record number of auctions of mineral blocks across various major mineral states have been announced by the ministry of mines. The ministry has announced the auctions 105 mineral blocks during FY 2022-223. Madhya Pradesh has recorded 29 auctions. Iron Ore is the mineral that has faced the highest number of 33 auctions during the year.
All these auctions took place for composite license, mining leases for all categories of minerals which also include low-value, medium value and high-value minerals, besides critical minerals, precious stones and metals. The Mines and Minerals (Regulation and Development) Act, 1957 (MMDR Act, 1957) is the legal framework that governs the development and regulation of mines and minerals in India.
The development and regulation of mines and minerals in India is governed by the Mines and Minerals (Regulation and development) Act, 1957. The inclusion of a provision for awarding mineral concession has been the key feature of the amendment. Enhancing transparency and eliminating any discretionary powers in the grant of mineral concessions at all levels has been the objective of this amendment.
Two forms of concessions have been incorporated by the auction system called composite licenses (CL) and mining leases (ML) which encompass mining leases as well as prospecting licenses.
