Raipur (thestates.news) | Hon’ble Chief Minister of the state Shri Vishnu Deo Sai launched the NIT for the grant of Exploration Licences (EL) on 13th March 2024 in an inaugural ceremony for 03 mineral blocks of Diamond and REE group of Minerals in the district of Kondagoan Narayanpur and Bastar.
The Mines and Minerals (Development and Regulation) Act, 1957 was to introduce new mineral concession as Exploration Licence for 29 critical and deep-seated minerals to further boost exploration and mining of critical and deep-seated minerals in the country.
This was introduced to with an objective of fast-tracking the exploration of critical minerals like lithium, copper, silver, diamond, gold, etc. with participation of private sector.
The Preferred bidder in the auction of Exploration Licence shall be selected through reverse bidding. The bidders will quote the share they will take in auction premium payable by the mining lease (ML) holder of the blocks explored by them.The bidder quoting lowest percentage bid shall be preferred bidder for exploration licence.
