G. Kishan Reddy is set to initiate the seventh round of auctioning critical and strategic mineral blocks on March 23, aiming to bolster India’s mineral security and promote clean energy objectives. The event will be graced by Minister of State for Coal and Mines Satish Chandra Dubey. Critical minerals like lithium, graphite, rare earth elements, tungsten, vanadium, and titanium are in high demand globally, posing challenges due to their limited availability in specific regions.
The Mines and Minerals (Development and Regulation) Act, 1957 was amended in August 2023, designating 24 minerals as critical and strategic, enabling the government to auction mining leases and composite licenses for these minerals with generated revenue benefiting state governments. The Ministry of Mines has successfully conducted six auction rounds, granting 46 blocks to date, showcasing significant industry engagement.
The upcoming seventh tranche will present 19 mineral blocks across various states, encompassing minerals vital for clean energy, fertilizers, advanced technologies, and strategic sectors. The auction process has been refined with reforms to enhance efficiency and transparency, streamlining post-auction timelines, performance security procedures, upfront payments, and letter of intent issuances.
G. Kishan Reddy to Launch Seventh Tranche of Mineral Blocks Auction
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