At the beginning of February, the Ministry of Mines will solicit bids for over 100 critical mineral blocks. During the launch event of the National Geoscience Data Repository (NGDR) port, Union Minister of Mines Prahlad Joshi noted that not only onshore minerals but also the offshore minerals will go for auction.
“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,” Joshi said.
“Around 15 offshore blocks will also be auctioned in March,” Joshi added.
Nearly three weeks ago, Bharat initiated the process to auction 20 blocks of critical minerals which also covered the 5.9 million tonne lithium reserve discovered in Jammu and Kashmir’s Reasi district. The cumulative value of these 20 blocks is estimated to stand at Rs 45,000 crore.
Joshi, during this announcement laid immense stress on enhancing the critical mineral availability, stating, “India is now considered as the World Factory. The shift from China is happening at a rapid pace. We must be ready to provide critical minerals to companies that come to India.”
The Geological Survey of India (GSI) has presented the government with nearly 500 blocks of minerals previously, including the critical ones. However, this year, GSI aims to explore around 1000 blocks.
A count of 24 minerals have recently been notified as critical and strategic via an amendment made to the Mines and Mineral (Development and Regulation) Act on August 17 of 2023. The Central Government was further given the power to grant mineral concessions for these through auction.
Besides Lithium, the critical minerals on offer include titanium, bauxite (aluminous laterite), glauconite, nickel, chromium, potash, copper, graphite, manganese ore, molybdenum ore, phosphorite, platinum group elements (PGE), and rare earth elements (REE). These are used in sectors like renewable energy, defence, and agriculture.
NE Watch Desk
