NLC India Targets 1 MTPA Critical Mineral Mining by FY30

New Delhi, Sep 29 (PTI) State-owned NLC India has said it is in the process of participating in the upcoming auctions of critical mineral resources and aims to achieve the annual capacity of mining one million tonnes of such materials by 2029-30.

NLC India's core business include mining of coal and lignite as well as power generation.

Having critical mineral capacity assumes significance amid increasing demand of these resources for a wide range of activities from semiconductor manufacturing to renewable energy projects, including those related to production of solar panels, wind turbines and advanced batteries for storage and transportation.

"With the recent developments in renewable energy sector and the strategic importance of the critical minerals required for RE (renewable energy), we are in the process of participating in upcoming auctions and envision achieving a critical mineral mining capacity of 1.0 MTPA by 2029-30," the company said in its recent report.

The company had earlier said that once it gets expertise in mining critical minerals in the domestic market, it will also explore the possibility overseas.

According to NLC India, the public sector enterprise has been into mining operations since 1967, and therefore it wants to utilise its core competence in the critical mineral sector.

The Union Budget 2024-25 has also proposed launching the Critical Mineral Mission for domestic production, recycling of such minerals and overseas acquisition of critical mineral assets.

The Critical Minerals Mission aims to secure the country's critical mineral supply chain by ensuring their availability from domestic and foreign sources.

It aims at strengthening the value chain by enhancing technological, regulatory, and financial ecosystems to foster innovation, skill development, and global competitiveness in mineral exploration, mining, beneficiation, processing, and recycling.

NLC India Ltd plans to increase its renewable energy capacity from 1,431 MW to 10,110 MW by 2030. Besides, the company is prioritising policies and regulatory changes that foster market liquidity and competitive pricing, further driving the transition to a sustainable energy mix.