India holds vast rare earth reserves
(MENAFN) India possesses significant rare earth element reserves, Minister of State for Science and Technology Jitendra Singh informed the lower house of parliament on Wednesday. An additional 1.29 million tonnes of rare earths have been identified in hard rock deposits in Gujarat and Rajasthan, Singh noted in response to a parliamentary query, as reported by Indo Asian News Service (IANS).
Rare earth elements play a crucial role in defense, electronics, and electric vehicle batteries. India’s Atomic Minerals Directorate for Exploration and Research is actively exploring and increasing rare earth mineral resources found in coastal sands, river areas, and hard rock formations.
The Geological Survey of India has identified 482.6 million tonnes of rare earth ore across 34 sites, Singh added. Despite holding the world’s third-largest reserves, less than 20% of India’s rare earth deposits have been explored so far.
Earlier this month, India unveiled a $156 million subsidy program aimed at boosting domestic production of rare earth magnets. The initiative offers incentives to both private and public sector companies to develop capacity throughout the entire value chain.
This push comes after China, which currently controls about 60% of the global rare earth magnet supply, imposed export restrictions in April. Under China’s new regulations, exporters must obtain licenses and submit declarations that materials won’t be used for defense or re-exported to the US.
In response to these challenges, India’s Foreign Ministry is actively engaging with stakeholders to mitigate the impact of export controls on rare earth magnets, Singh said.
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