CRITICAL MINERALS SUMMIT (Syllabus: GS Paper 3 – Economy)

News-CRUX-10     30th April 2024        
Samadhaan

Context: The Ministry of Mines will hold a two day “Critical Minerals Summit: Enhancing Beneficiation and Processing Capabilities” in New Delhi.


Critical Minerals Summit

  • About: It is a pivotal event designed to foster collaboration, share knowledge and drive innovation in the field of critical mineral beneficiation and processing.
  • Organizers: Ministry of Mines, Government of India, in collaboration with the Shakti Sustainable Energy Foundation (Shakti), the Council on Energy, Environment and Water (CEEW), and the Indian Institute of Sustainable Development (IISD).
  • Objectives: To foster collaboration, share knowledge, and drive innovation in the field of critical mineral beneficiation and processing.
  • Stakeholder Diversity: The summit will bring together a diverse array of Indian and international stakeholders, including industry leaders, startups, government officials, scientists, academics, and policy experts.
  • Demand for CRMs: One of its key focuses is addressing the increasing demand for Critical Raw Materials (CRMs) necessary for renewable energy systems and electric vehicles, aligning with India's strategic development goals.
  • Identified Key Minerals: The Ministry of Mines has identified eight key minerals for focus at the summit, including Glauconite (Potash), Lithium – Rare Earth Elements (Laterite), Chromium, Platinum Group, Graphite, Tungsten associated with Graphite, Rare Earths (RE), and Vanadium associated with Graphite.


Critical Minerals

  • About: These are a group of minerals that are essential for various industrial sectors and have strategic importance for a country’s economy and security. 
  • Examples: Antimony, beryllium, bismuth, cobalt, copper, gallium, germanium, lithium, vanadium, etc.
  • Top Producers: China, Russia, Chile, Indonesia and Japan.
  • Priority in Industrial Sectors: The Critical Minerals List prioritizes minerals that are indispensable for industrial sectors such as high-tech electronics, telecommunications, transport, and defense.
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