India Invites Applications for New Mineral Exchanges by November Deadline

The Indian Bureau of Mines (IBM) has launched the process for establishing new mineral exchanges in the country, with applications due by November 2. The initiative aims to create technology-driven platforms for trading minerals like iron, chromite, bauxite, limestone, and manganese, with the potential to expand to other minerals later. The move follows the government's notification of the Mineral Exchange Rules, 2026, which set the regulatory framework for these exchanges.

The new exchanges will promote transparent price discovery and efficient supply contracts. The rules also mandate that existing unregistered mineral exchanges must register within six months of the first exchange's operation or cease functioning. Applicants must be companies with a minimum net worth of Rs 50 crore and will face fees including a Rs 3 lakh application fee, a Rs 50 lakh registration fee, and an annual fee of Rs 30 lakh.

Applications should be submitted to the Controller of Mines in Nagpur, with the necessary forms available on the IBM's website. The registration for these exchanges will be valid for 25 years, ensuring long-term participation in the mineral trading ecosystem.