Mining New Opportunities

The mining industry in India is booming. The GSI has discovered gold deposits in three Odisha districts after finding 5.9 million tonnes of lithium reserves in Jammu and Kashmir. Moreover, the Union Cabinet has passed amendments to the Mines and Minerals (Development and Regulation) Act to enable commercial mining of lithium, Titanium, and four other minerals. Lithium and its compounds are used for various industrial purposes, such as making glass and ceramics that can resist heat and producing steel and aluminum, and lithium-ion

batteries. Titanium is a low-density metal that can endure high and low temperatures, which makes it suitable for aircraft, spacecraft, and missiles.

India has about 1,245 mines that report their activities. Out of these, 525 mines produce metallic minerals, while the other 720 mines produce non-metallic minerals. India also has around 914 plants that make crude steel. IBEF reports that India's crude steel output was 71.3 MT in FY23(till October 2022).

The mining industry has benefited from the rapid growth in the infrastructure and automotive sectors. The power and cement sectors also contribute to the rising demand. The country's plan for infrastructure development assures that the need for iron and steel will persist. The government abolished export duties on steel and stainless steel in November 2022 to boost the steel sector and help it compete globally. The mining organizations have to be smart to take advantage of these opportunities. They have to use everything from smart mining concepts and drones for safety to digitization and automation.