Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

India’s Ministry of Mines Mineral Exploration Corporation Limited (MECL) has signed a Memorandum of Understanding (MoU) with Goa’s Directorate of Mines & Geology (DMG) to define the mining blocks to be auctioned in the state. 


As an exploration agency, MECL will be instrumental in establishing the state’s mineral inventories and defining the blocks to be auctioned, according to a government notification on Monday. 


The allocation and assessment of mineral acreages will be in accordance with the latest MMDR Amendment Act 2021 that defines mineral auction rules in the Second Amendment Rules and the Minerals Amendment Rules that require evidence of mineral content. The organized partnership could speed up the blocks placed for auction by Goa in the coming years.


Goa has recognized 1.5bn mt of iron ore deposits. The region also has 55mn mt of bauxite and 34mn mt of manganese ore. Due to the availability of ports near the mining sites, Goa has strong logistics advantages for mineral exports.  

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