NMET approves exploration projects for gold and REE in Tamil Nadu
24 Jun 2024
2 Min Read
CW Team
Tamil Nadu has received approval for new mineral exploration projects targeting gold and rare-earth elements (REE) in Krishnagiri and Tiruppur districts, as well as a graphite exploration project in the Arasanur East block by Kudremukh Iron Ore Company Limited. The National Mineral Exploration Trust has endorsed these initiatives submitted by Mineral Exploration and Consultancy Ltd, formerly known as Mineral Exploration and Corporation Limited.
The state, renowned for its mineral wealth, has witnessed a rise in mineral revenue from Rs 9.83 billion in 2020-21 to Rs 18.36 billion in 2023-24, according to the Tamil Nadu Natural Resources Department Policy Note for 2024-2025. To further boost revenue, on-going exploration efforts are being conducted through agencies like the Geological Survey of India, Mineral Exploration and Consultancy, and Kudremukh Iron Ore Corporation Limited. These agencies have submitted comprehensive geological reports covering minerals such as limestone, dunite, iron ore, graphite, gold, platinum group elements, and molybdenum. District-wise survey reports are accessible on respective district websites.
The Policy Note highlighted significant challenges posed by illicit mining and mineral transportation, which not only deprive the state of rightful revenue but also degrade the environment. In response, the government has implemented stringent measures including the use of drone technology, the Mining Surveillance System, and the Online Mineral Management System.
Moreover, the department has identified ten limestone blocks in Ariyalur and Cuddalore districts for auctioning mining leases. The Notice Inviting Tender (NIT) was published on March 4, 2024, adhering to the Mineral Auction Rules, 2015, and the tender process is currently underway. Anticipated revenue from these auctions is expected to be substantial upon successful completion. Additionally, new mineral blocks containing gold and limestone have been identified, with geological reports already submitted by exploration agencies. Auctions for these blocks are slated to commence shortly, as outlined in the Policy Note.
(Source: Hindu BusinessLine)
Tamil Nadu has received approval for new mineral exploration projects targeting gold and rare-earth elements (REE) in Krishnagiri and Tiruppur districts, as well as a graphite exploration project in the Arasanur East block by Kudremukh Iron Ore Company Limited. The National Mineral Exploration Trust has endorsed these initiatives submitted by Mineral Exploration and Consultancy Ltd, formerly known as Mineral Exploration and Corporation Limited.
The state, renowned for its mineral wealth, has witnessed a rise in mineral revenue from Rs 9.83 billion in 2020-21 to Rs 18.36 billion in 2023-24, according to the Tamil Nadu Natural Resources Department Policy Note for 2024-2025. To further boost revenue, on-going exploration efforts are being conducted through agencies like the Geological Survey of India, Mineral Exploration and Consultancy, and Kudremukh Iron Ore Corporation Limited. These agencies have submitted comprehensive geological reports covering minerals such as limestone, dunite, iron ore, graphite, gold, platinum group elements, and molybdenum. District-wise survey reports are accessible on respective district websites.
The Policy Note highlighted significant challenges posed by illicit mining and mineral transportation, which not only deprive the state of rightful revenue but also degrade the environment. In response, the government has implemented stringent measures including the use of drone technology, the Mining Surveillance System, and the Online Mineral Management System.
Moreover, the department has identified ten limestone blocks in Ariyalur and Cuddalore districts for auctioning mining leases. The Notice Inviting Tender (NIT) was published on March 4, 2024, adhering to the Mineral Auction Rules, 2015, and the tender process is currently underway. Anticipated revenue from these auctions is expected to be substantial upon successful completion. Additionally, new mineral blocks containing gold and limestone have been identified, with geological reports already submitted by exploration agencies. Auctions for these blocks are slated to commence shortly, as outlined in the Policy Note.
(Source: Hindu BusinessLine)
Next Story
Reliance, Diehl Advance Pact for Precision-Guided Munitions
Diehl Defence CEO Helmut Rauch and Reliance Group鈥檚 Founder Chairman Anil D. Ambani have held discussions to advance their ongoing strategic partnership focused on Guided and Terminally Guided Munitions (TGM), under a cooperation agreement originally signed in 2019.This collaboration underscores Diehl Defence鈥檚 long-term commitment to the Indian market and its support for the Indian Government鈥檚 Make in India initiative. The partnership鈥檚 current emphasis is on the urgent supply of the Vulcano 155mm Precision Guided Munition system to the Indian Armed Forces.Simultaneously, the 鈥淰ulc..
Next Story
Modis Navnirman to Migrate to Main Board, Merge Subsidiary
Modis Navnirman Limited has announced that its Board of Directors has approved a key strategic initiative involving migration from the BSE SME platform to the Main Board of both BSE and NSE, alongside a merger with its wholly owned subsidiary, Shree Modis Navnirman Private Limited.The move to the main boards marks a major milestone in the company鈥檚 growth trajectory, reflecting its consistent financial performance, robust corporate governance, and long-term commitment to value creation. This transition will grant the company access to a broader investor base, improve market participation, en..
Next Story
Global Capital Flows Remain Subdued, EMEA Leads in Q1 2025
The Bharat InvITs Association鈥檚 industry update for Q1 2025 shows subdued global capital flows, with investment volumes remaining at the lower end of the five-year range despite a late 2024 recovery. According to data from Colliers and MSCI Real Capital Analytics, activity in North America declined slightly, while EMEA maintained steady levels and emerged as the top region for investment in standing assets.The EMEA region now hosts seven of the top ten cross-border capital destinations for standing assets, pushing the United States鈥� share of global activity below 15 per cent. Meanwhile, in..