Center completes auction of 8 critical mineral blocks in big step to bolster self-reliance

New Delhi, Nov 7 (IANS) The Ministry of Mines has successfully concluded the auction of 8 critical mineral blocks, launched under Tranche IV of the Auction of Critical and Strategic Mineral Blocks as part of India’s strategy to secure a steady supply of these vital minerals. for sectors including electronics, EVs, defence, and renewable energy.

“These blocks contain deposits of strategic minerals such as phosphorite, graphite, and vanadium, essential for high-tech and green energy applications. The auction process for the 8 blocks has successfully concluded and for the remaining 2 blocks the process will be completed by December 2 this year,” the Ministry said.

The Tranche IV auction has also marked a beginning for the northeast into India’s mineral auction landscape, with as many as four maiden blocks successfully auctioned in Arunachal Pradesh. The other four blocks are in Andhra Pradesh, Karnataka, Tamil Nadu, and Uttar Pradesh.

Significantly, this tranche features the first successful auction of a tungsten block and two cobalt blocks. These strategic minerals are essential for high-tech, defence, and energy storage applications, and will contribute towards reducing import dependency.

Following the issuance of the Notice Inviting Tender (NIT) on June 24, 2024, for 21 mineral blocks, the auction attracted strong interest from industry stakeholders.

After the evaluation of technical bids, 10 mineral blocks advanced to the second round of e-auction, which included three First Attempt Blocks and seven Second Attempt Blocks, the official statement said.

This achievement underscores the government’s commitment to bolstering mineral security and ensuring the availability of vital resources needed for the nation’s energy transition, and sustainable industrial and economic growth. The auction, conducted under the Mines and Minerals (Development and Regulation) Act, 1957, leverages the Central government’s authority to grant mineral concessions for key minerals listed in Part D of the First Schedule.

This legislative empowerment marks a pivotal step in India’s strategy to secure a steady supply of critical minerals vital for sectors including electronics, defence, and renewable energy. With the successful auction of these 8 critical mineral blocks under Tranche IV, the total number of successfully auctioned critical & strategic mineral blocks by the Central government has reached 22. The successful auction outcomes reflect the growing confidence among industry players in India’s mining sector reforms. It is a step in fulfilling the government’s vision to achieve self-reliance in critical minerals and position India as a competitive player in the global mineral economy.

-IANS

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