INDIA PUSHING TO EXTRACT RARE EARTH MINERALS TO MEET IT'S DOMESTIC DEMAND

The Ministry of Mines has informed that India has 8.52 million tonnes reserves of rare earth minerals and it is actively engaging with relevant stakeholders to alleviate the challenges arising from export restrictions on rare earth magnets imposed by China. The Atomic Minerals Directorate for Exploration and Research (AMD) is carrying out exploration and augmentation of minerals of rare earth group elements along the coastal, inland and riverine placer sands as well as in hard rock terrains in several potential geological domains of the country. The government is in discussion with PSU companies like

and for the extraction and marketing of rare earth minerals. This has led to an increase in the stock prices of these two companies as it has led to a significant interest from investors. GMDC shares gained around 6% to hit a fresh 52-week high of Rs 468. NLC India shares gained over 5% to trade at Rs 242. Earlier in May, NLC India had signed a MoU with Indian Rare Earths Limited (IREL) for collaboration in the field of critical minerals. Moreover, the company will be raising Rs 4,000 crore through the initial public offering (IPO) route of it's subsidiary company NIRL.