Bill creates new 'exploration licence' for minerals, overrides state actions

This Bill amends the Mines and Minerals (Development and Regulation) Act, 1957 to introduce a new 'exploration licence' for minerals listed in the Seventh Schedule and mandates that these licences be granted through competitive bidding (auction). It also empowers the Central Government to conduct auctions for mining leases of specific minerals listed in Part D of the First Schedule.

The law affects State Governments (who notify areas and grant licences), the Central Government (which can conduct auctions or direct State Governments), and applicants or holders of exploration licences, mining leases, and composite licences for minerals specified in the Seventh Schedule and Part D of the First Schedule.

• Defines 'exploration licence' for reconnaissance or prospecting operations of minerals in the Seventh Schedule.
• Mandates that exploration licences be granted through auction by competitive bidding, including e-auction.
• Allows the Central Government to notify areas for exploration licences if the State Government fails to do so within a fixed period.
• Allows the Central Government to conduct the auction itself if the State Government fails to complete it within a fixed period.
• Sets the duration of an exploration licence at five years, extendable by up to two years under specific conditions.
• Requires the holder to surrender 75% of the area after three years, retaining only up to 25% for continued operations.
• Requires the holder to submit a geological report within three months of completing operations or licence expiry.
• Mandates that the Central or State Government initiate the auction for mining leases within six months of receiving the geological report.
• Empowers the Central Government to conduct auctions for mining leases or composite licences for minerals in Part D of the First Schedule.
• Requires State Governments to maintain registers of applications for and grants of exploration licences.

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