Government initiates process for electronic auction of 7 important mineral blocks
The Ministry of Mines has set May 16 as the deadline for the sale of tender documents for the e-auction of seven critical mineral blocks under tranche III round. The auction was earlier annulled due to insufficient Technically Qualified Bidders. The e-auction process for 18 blocks under tranche II is also ongoing, with a deadline for document sale and submission on May 10 and May 15, respectively.
The Ministry clarified that the seven blocks are crucial for India’s economic development and national security, as they contain minerals like lithium, chromium, nickel, and rare earth elements. These minerals are essential for sectors such as electronics, electric vehicles, renewable energy, defense, and more. Currently, India heavily relies on imports for these critical minerals, making the supply chain vulnerable to global uncertainties.
With the country’s commitment to achieve 50% of cumulative electric power installed capacity from non-fossil sources by 2030, the demand for critical minerals is expected to rise. This demand will be driven by the transition towards renewable energy, electric vehicles, and battery storage systems. The completion of the e-auction process will play a crucial role in securing a domestic supply of these essential minerals and reducing India’s dependency on imports.
As the global economy shifts towards technologies reliant on critical minerals, India’s focus on securing a stable supply becomes even more crucial. The upcoming e-auction for these mineral blocks will not only boost domestic production but will also contribute to the country’s economic growth and security in the long run.
