Context:
India is now formally a part of the Minerals Security Finance Network.
Minerals Security Finance Network (MSFN):
- Objective – To enhance cooperation among Indo-Pacific and European nations to secure critical mineral supply chains.
- The initiative builds on the Minerals Security Partnership (MSP) established by the US in 2022
- India joined MSP in June 2023.
- Members – 15 countries
- United States, Australia, Canada, India, Japan, European Union, Finland, France, Germany, Italy, Netherlands, Norway, Sweden, United Kingdom, and South Korea.
- Key Functions –
- Coordination and Collaboration – Promotes policy alignment, sharing of best practices, and streamlined efforts among members to secure mineral supply chains.
- Investment Facilitation – Encourages private sector investment in critical mineral projects essential for energy transition and national security.
- Technical Assistance – Offers support for responsible and sustainable mineral resource development, emphasizing environmental and social governance (ESG) standards.
- Market Development – Identifies and promotes market opportunities for critical minerals and enhances mining and processing infrastructure.
- Geological and Economic Assessments – Conducts shared research to understand the global availability and potential of critical minerals.
- Policy Advocacy – Supports policies that enhance mineral security, including trade policies and regulatory frameworks for sustainable extraction and processing.
Source: Business Standard
Previous Year Question
With reference to India, consider the following statements:
1. Monazite is a source of rare earths.
2. Monazite contains thorium.
3. Monazite occurs naturally in the entire Indian coastal sands in India.
4. In India, Government bodies only can process or export monazite.
Which of the statements given above are correct?
[UPSC Civil Service Exam – 2022 Prelims]
(a) 1, 2 and 3 only
(b) 1, 2 and 4 only
(c) 3 and 4 only
(d) 1, 2, 3 and 4
Answer: (b)
Explanation:
Monazite is an atomic mineral that occurs naturally in the coastal sands of three districts: Tirunelveli, Thoothukudi, and Kanyakumari. Hence, Statement 3 is not correct.
