Gujarat Mineral Development Corporation (GMDC), a leading mining PSU enterprise and the largest lignite seller in the country announced on Thursday that they are keen to establish a Rare Earth Elements (REE) Processing Plant in India as REEs are necessary for developing green energy technologies like permanent magnets for e-vehicles & wind turbines and LEDs, thereby helping India reduce carbon footprint.
The Country is looking at transitioning to green energy across various segments, and it is here that GMDC is looking at conducting a scoping study to determine the economic viability of the project and outline at least one opportunity to develop the processing plant for the deposit at Ambadongar, Chotaudepur District located in Gujarat.
“The REE exploration project will create high possibilities of producing REE ore in India and will motivate the country to become one of the leading players in the global market, which will also benefit the economic and strategic development of the country. Hence, we at GMDC will ensure the establishment of a complete value chain for REE elements, estimating the investments required for ventures with possible returns over time in the State,” said Roopwant Singh, IAS, Managing Director, GMDC.
Being a domain of the Department of Atomic Energy (DAE), the Government of India, the state of Gujarat, is planning to develop mining and processing of REE in the strategic regions of the state and make Gujarat a RE processing hub for such ores mined in India and abroad. It plans to set up mining operations, beneficiation plants, and value addition projects in the proximate zone of such minable resources and make India a rare earth powerhouse.
The exploration of REE in the State has been taken up extensively by the Atomic Minerals Directorate (AMD) & the Geological Survey of India (GSI) in conjunction with each other.
At around 1:03 PM, Gujarat Mineral Development Corporation Ltd is currently trading at Rs169.60 per share up by Rs3.25 or 1.95% from its previous closing of Rs166.35 per share on the BSE.
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