India Invites Applications for New Mineral Exchanges by November 2

The Indian Bureau of Mines (IBM) has initiated the process for establishing new mineral exchanges in the country. The bureau has issued a call for applications from eligible firms, with submissions due by November 2. These exchanges will initially support trading in five key minerals: iron, chromite, bauxite, limestone, and manganese, with the potential to expand the list later.

The application process opened on October 3, with the necessary documents available for download on the IBM's website. The rules stipulate that unregistered mineral exchanges must cease operations within six months of the first exchange becoming operational. Existing commodity trading platforms must register within the same timeframe or shut down.

The government aims to create technology-driven platforms that enhance transparency, price discovery, and supply chain efficiency. The registration process requires applicants to be companies with a minimum net worth of Rs 50 crore. Fees include a Rs 3 lakh application fee, a Rs 50 lakh registration fee, and an annual fee of Rs 30 lakh. Registration will be valid for 25 years, with renewal costing Rs 2 crore.

The move follows the notification of the Mineral Exchange Rules, 2026, on June 30, which outlines the regulatory framework for these exchanges. Applications must be submitted to the Controller of Mines in Nagpur, marking a significant step toward formalizing mineral trading in India.