Mines secretary V L Kantha Rao announced the government’s plans to auction around twenty key mineral blocks by the end of June, with an additional pioneering round of offshore mineral auctions expected within the next three months. This follows the recent completion of an auction for seven critical mineral blocks, with results anticipated to be announced in the coming month.
The move comes after the cancellation of auctions for thirteen blocks in March due to insufficient interest from investors. This set included two blocks that attracted no bids at all and eleven others that did not meet the threshold of three technically qualified bidders. To date, the government has commenced auctions for 38 essential and strategic minerals. Initially, twenty blocks were offered, followed by another eighteen in subsequent rounds.
Critical minerals, including lithium, chromium, nickel, graphite, cobalt, titanium, and rare earth elements, play a vital role in industries such as electronics, electric vehicles, renewable energy, defence, and advanced telecommunications.
The current global market for these minerals is largely controlled by a few countries, notably China, posing risks due to potential geopolitical disruptions. Over hundred blocks containing these critical minerals are slated for auctioning. As reported by Business Standard, India aims to source fifty percent of its cumulative electric power capacity from non-fossil sources by 2030.
