New Delhi, June 6 -- Amid concerns of rare earth magnet supplies from China, the Union ministry of mines is finalizing an incentive scheme for recycling critical minerals that are used in their manufacturing, top government officials said. The minerals under consideration for recycling include neodymium, dysprosium, terbium and samarium.

Speaking to mediapersons in Delhi on the sidelines of a seminar on critical mineral processing, V.L. Kantha Rao, secretary to the ministry of mines, said that a scheme with an allocation of about Rs.1,500 crore is in approval stage with the ministry and would also require the nod of the Union cabinet.

"We have thought of incentivizing the recycling of critical minerals. Rare earths are part of critical ...