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Coal India Ltd eyes lithium, rare earth mines from govt
Mint Mumbai
|January 19, 2024
The move is in line with the company's plans to diversify into newer, more long-term areas
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As part of its diversification plans, state-run Coal India Ltd (CIL) plans to acquire rare earth and critical mineral mines including lithium directly from the government, in addition to bidding for Jammu & Kashmir's lithium reserves in upcoming auctions.
"Coal India is looking to directly take certain rare earth mines. Given that it is a PSU, it can apply for certain mines directly. And it is also expected to take part in the (J&K) auctions," said a person aware of the developments.
The company would be able to apply for mines reserved for government companies or corporations. In both the Mines and Minerals (Development and Regulation) Act and Offshore Areas Mineral (Development and Regulation) Act, provisions have been made to grant mineral concessions without competitive bidding to government companies on payment of such amount as may be prescribed by the Centre for such reserved areas.
Queries mailed to CIL remained unanswered till press time.
The company's plans to foray into domestic critical mineral assets comes with the government's new focus in the segment.
CIL has already been looking into acquisition opportunities for critical mineral mines abroad.
This story is from the January 19, 2024 edition of Mint Mumbai.
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