Context:
Recently, the “Critical Minerals Summit: Enhancing Beneficiation and Processing Capabilities” was organized by the Ministry of Mines.
More on the news
- The Summit was organized by the Ministry of Mines, in collaboration with the Shakti Sustainable Energy Foundation (Shakti), Council on Energy, Environment and Water (CEEW), and the Indian Institute of Sustainable Development (IISD).
- The summit concluded from April 29th to April 30th, 2024, at the India Habitat Centre in Lodhi Estate, New Delhi.
- To share information and foster innovation in the field of critical mineral beneficiation and processing, it brought together industry leaders, startups, government officials, scientists, academics, and policy experts.
- A Memorandum of Understanding (MoU) was signed between the Ministry of Mines and Shakti Sustainable Energy Foundation, initiating a partnership focused on providing knowledge support in the field of Critical Minerals crucial for India’s economic development, national security, and low-carbon energy transition.
Shakti Sustainable Energy Foundation (Shakti)
- It is based in New Delhi, India. The Foundation was registered on the 5th of October 2009 as a Section 25 non-profit company.
- It is recognised as a pragmatic voice in ensuring that clean energy is affordable and accessible to all while making communities and ecosystems more resilient to the unavoidable effects of climate change.
Council on Energy, Environment and Water (CEEW)
- It is one of South Asia’s leading not-for-profit policy research institutions
- Formed in 2010.
- It uses data, integrated analysis, and strategic outreach to explain – and change – the use, reuse, and misuse of resources.
Indian Institute of Sustainable Development (IISD)
- Its objective is to ensure the overall improvement of lives and living of the Common Man, through research innovations and engaging with communities at the grass root level.
Aim
- To foster collaboration and innovation in critical mineral beneficiation and processing, with a focus on building India’s processing and beneficiation capabilities and scaling strategies for domestic and global markets
Significance
- It supports India’s ambition of becoming a self-reliant and globally competitive player in the critical minerals arena.
- It emphasized the importance of efficient processing technologies amidst global policy uncertainties, highlighting India’s potential as a leading player in electric vehicles, energy storage technologies, and other critical sectors.
What are critical minerals?
- A mineral is labelled as critical when the risk of supply shortage and associated impact on the economy is (relatively) higher than the other raw materials those minerals are termed as critical minerals.
- India has identified 30 critical minerals: Antimony, Beryllium, Bismuth, Cobalt, Copper, Gallium, Germanium, Graphite, Hafnium, Indium, Lithium, Molybdenum, Niobium, Nickel, PGE, Phosphorous, Potash, REE, Rhenium, Silicon, Strontium, Tantalum, Tellurium, Tin, Titanium, Tungsten, Vanadium, Zirconium, Selenium and Cadmium.
- The Mines and Minerals (Development and Regulation) Amendment Act, 2023, amend the Mines and Minerals (Development and Regulation) Act, 1957, to strengthen the exploration and extraction of critical minerals essential for India’s economic development and national security
- India became the 14th member of the Mineral Security Partnership (MSP) in June 2023.
- MSP (a global initiative by the US) seeks to bolster critical minerals supply chains to support economic prosperity and climate objectives.