Around 20 Critical Mineral Blocks to be Put on Sale by June-end: Mines Secretary

Around 20 Critical Mineral Blocks to be Put on Sale by June-end: Mines Secretary

The government of India is planning to put around 20 critical mineral blocks on sale by the end of June, according to mines secretary V L Kantha Rao. The auction process for seven critical mineral blocks put on sale in the first round is almost complete, and the results will be declared in a month’s time. Critical minerals such as copper, lithium, nickel, cobalt, and rare earth elements are crucial components used in various clean energy technologies. They are extensively used in wind turbines, electricity networks, and electric vehicles. With clean energy transitions gaining pace, the demand for these minerals is growing rapidly. Speaking at an event, Rao mentioned that due to the government’s efforts, a significant number of critical blocks have been explored in the last two years. As a result, over 100 critical mineral blocks are available for auction. The government is urging the industry to study these blocks and participate in the bidding process. Rao also highlighted that the government’s focus on critical mineral exploration is at its highest. Additionally, the mines ministry plans to start the auction of offshore mines in the next three months. In the first tranche, the government cancelled the auction for 13 out of the 20 blocks put on sale due to lukewarm response. However, for the remaining blocks, a total of 56 physical bids and 56 online bids were received. Among the cancelled blocks, seven mines have been notified for auction in the third round. The second round of auction, covering six blocks, has been successfully completed. The decision on kundol, nickel, and chromium blocks in Gujarat will be made by the designated officer in due course of time. The Centre has launched the auction of a total of 38 critical and strategic minerals to date.

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TIS Staff

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