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The Ministry of Mines is set to initiate the auctioning process for more than 100 critical mineral blocks starting in February, according to Union Minister of Mines Pralhad Joshi. The announcement, made during the launch event of the National Geoscience Data Repository (NGDR) portal, revealed that both onshore and offshore minerals would be included in the auction.
Joshi stated, "More than 100 blocks of strategic and critical minerals will be brought for auction next year before February, and these blocks are ready with us." Additionally, he mentioned that around 15 offshore blocks would be auctioned in March.
This development follows the recent initiation of the auction process for 20 blocks of critical minerals, including the 5.9-million-tonne lithium reserves discovered in Jammu & Kashmir’s Reasi district. The collective value of these 20 blocks was estimated at Rs. 45,000 crore.
Explaining the significance of increasing critical mineral availability, Joshi emphasized Indias role as the "World Factory" and the rapid shift of manufacturing from China. He highlighted the importance of India being prepared to provide critical minerals to companies establishing operations in the country.
The Geological Survey of India (GSI) has contributed around 500 blocks of minerals, including critical ones, to the government. In the current year, GSI plans to explore approximately 1,000 blocks.
The amendment to the Mines and Minerals (Development and Regulation) Act on August 17 this year designated 24 minerals as critical and strategic. The central government was granted the authority to auction mineral concessions for these critical minerals. Among the minerals on offer, besides lithium, are titanium, bauxite, glauconite, nickel, chromium, potash, copper, graphite, manganese ore, molybdenum ore, phosphorite, platinum group elements (PGE), and rare earth elements (REE). These minerals play a crucial role in sectors such as renewable energy, defense, and agriculture. |
