India Invites Applications for New Mineral Exchanges by November 2

The Indian Bureau of Mines (IBM) has initiated the process for setting up new mineral exchanges in the country, inviting applications from eligible firms by November 2. The new exchanges will initially facilitate trading in five key minerals: iron, chromite, bauxite, limestone, and manganese, with the potential to add more later under regulatory approval.

The government's move follows the notification of the Mineral Exchange Rules, 2026, on June 30, which establishes the framework for mineral exchanges, market participants, and related activities. The IBM emphasized that unregistered mineral exchanges will be prohibited six months after the first exchange becomes operational, requiring existing platforms to register within that period.

The goal is to create technology-enabled platforms that promote transparent and efficient price discovery, supply contracts, and timely mineral deliveries. Interested companies must submit sealed applications to the Controller of Mines in Nagpur, with a minimum net worth of Rs 50 crore required for registration. Fees include a non-refundable application fee of Rs 3 lakh, a one-time registration fee of Rs 50 lakh, and an annual fee of Rs 30 lakh.

Registration as a mineral exchange will be valid for 25 years, with a renewal fee set at Rs 2 crore. The IBM's notice, issued on October 3, outlines the application process and requirements, marking a significant step in the development of India's mineral trading infrastructure.