India’s critical minerals sector has received a major boost with the Ministry of Mines completing the auction of 56 critical and strategic mineral blocks, as per a statement by the Ministry of Mines.
The Ministry auctioned 10 critical and strategic mineral blocks under the Seventh Tranche conducted by the Central Government, taking the total number of successfully auctioned critical and strategic mineral blocks to 56. “This represents a successful auction rate of over 63%, with 56 blocks auctioned out of 88 unique mineral blocks taken up for auction by the Central Government,” the release said.
First-ever auctions in Gujarat, Uttarakhand and Telangana
Additionally, the latest tranche marked the first-ever auction of critical mineral blocks by the Centre in Gujarat, Uttarakhand and Telangana. The blocks include minerals such as graphite, rare earth elements (REE), vanadium, titanium, glauconite and rock phosphate, expanding the reach of critical mineral exploration across the country.
“The auction was conducted under the provisions of the Mines and Minerals (Development and Regulation) Act, 1957 and the Mineral (Auction) Rules, 2015, as amended from time to time,” the release added.
Exploration licence auctions expanded to new states
Alongside critical mineral auctions, the Ministry also completed the second tranche of Exploration Licence (EL) auctions, expanding the framework to Arunachal Pradesh, Uttar Pradesh and Odisha for the first time to boost exploration of critical and deep-seated minerals, which will be “opening new opportunities for exploration of critical and deep-seated minerals.”
Following the completion of the second tranche, the number of Exploration Licence blocks auctioned by the Centre has increased to 11.
“The Exploration Licence framework enables systematic exploration of critical and deep-seated minerals by facilitating participation from private and public sector entities,” the release added.
Critical minerals to support clean energy and strategic sectors
The release further added these “initiatives will accelerate the exploration and development of critical minerals essential for clean energy technologies, electric mobility, renewable energy systems, advanced manufacturing, electronics, defence applications and other strategic sectors of the economy.”