India Speeds Up Rare Earth Exploration
(MENAFN) India possesses an estimated 7.23 million tonnes (MT) of rare earth elements, as stated by Minister of State for Science and Technology Jitendra Singh during a session in the lower house of the Indian parliament on Wednesday.
Additionally, another 1.29 MT of these valuable minerals are located in hard rock formations within the states of Gujarat and Rajasthan, Singh noted in response to a parliamentary inquiry, according to a news agency.
These rare earth elements serve a critical role in several sectors, including defense systems, electronic devices, and electric vehicle batteries.
According to the news agency, India’s Atomic Minerals Directorate for Exploration and Research is actively engaged in surveying and expanding the availability of rare earth minerals, focusing on coastal sands, river regions, and hard rock landscapes.
Singh also revealed that the Geological Survey of India has discovered 482.6 MT of rare earth element ore resources across 34 identified sites. Despite having the third-largest global reserves, the country has investigated less than one-fifth of its total rare earth potential.
In an effort to strengthen its domestic industry, India introduced a $156 million subsidy program earlier this month aimed at promoting the internal production of rare earth magnets.
This initiative seeks to encourage both private-sector firms and government-run organizations by offering financial incentives to develop local manufacturing capabilities across the complete production chain.
These intensified efforts by New Delhi come in response to export controls declared by Beijing in April.
China currently dominates the international market, supplying approximately 60% of the world’s rare earth magnets.
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