"This is the first mineral other than coal for us," Debasish Nanda, Director of Business Development at Coal India, told PTI.
CIL is required to pay a mining premium of 150.05% of the value of minerals dispatched to the state government.
Coal India said the timeline is one year for the grant of the composite license and three years for the execution of the mining lease deed, the miner informed bourses.
Currently, the project is in a very preliminary phase, necessitating further exploration.
In alignment with the government's Atmanirbharta vision, Coal India has formed a special team to focus on other critical minerals both globally and within India.
Graphite, which has multiple applications including use in batteries, is a key area of focus amid the ongoing EV revolution in India.
Nanda mentioned that it is too early to estimate the capital expenditure for the project. However, Coal India will leverage its coal mining expertise from its subsidiary Central Mine Planning & Design Institute Limited (CMPDI) during the initial phase.
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