India eyes public-private partnership to explore world’s largest thorium, monasite reserves

NEW DELHI: The Centre is looking to rope in private players to explore rare-earth materials such as thorium and monazite with India having largest reserves worldwide, in a bid to cut foreign dependence for sourcing critical elements.

“We are also in the mode of exploring other locations. For thorium and menozite, we have the largest store in the world. So, all that is being worked upon. Coming in of the private players will further empower this process,” Jitendra Singh, Union Minister of State for the Department of Atomic Energy told ET.

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The government is working on involving the private sector with adequate safeguards, to ring in activity in the tightly-regulated sector.

Further, Singh said that the government wants to move steadily, but “very guardedly” since it would involve a very serious and sensitive exercise.

Last November, Prime Minister Narendra Modi said that the nuclear power sector will soon be opened for private players, a move that will give new strength to the country’s energy security.

India holds the largest thorium and monazite deposits worldwide. The world’s estimated thorium resources are more than 6 million tonnes, with India holding the largest deposits consisting of nearly 850,000 tonnes.Rare earth phosphate mineral– monazite — that contains up to about 12% thorium phosphate, is also one of the common sources of thorium. The country is estimated to have 11.93 million tonnes of monasite deposits.

Also Read: Government finalising RFP for inviting bids under Rare Earth Magnet Scheme: H D Kumaraswamy

Naturally occurring thorium is used for nuclear power generation.

Recently, the Modi-led government unveiled the National Critical Mineral Mission (NCMM) to build self-reliance in the critical minerals sector.

India is significantly ramping up its production of neodymium, used in clean energy and magnets for electric vehicles, and is working on to increase output from a current low to 500 tonnes by FY27, led by the state-run Indian Rare Earths Limited (IREL), under the Department of Atomic Energy.

The Atomic Energy Act 1962 empowers the Centre to produce, develop, control, and use of atomic energy. In December 2025, the law was amended to further ensure foolproof mechanisms including acquisition, production, use, export and import for the production and development of atomic energy or research activities.

It also mandated that the license would only be granted to a public sector entity or a department of the Central government.