The fourth tranche of auction of critical and strategic mineral blocks will be launched on June 24, the Mines Ministry said in a statement. So far, the Centre has launched three tranches covering 38 critical and strategic mineral blocks. These blocks are located across 14 States and Union Territories.
Two Notified Private Exploration Agencies (NPEAs) will be handed over certificates, while winners of the first tranche of critical mineral auction will also be announced soon. Last year, India’s Mines Ministry had announced its first ever list of 30 critical minerals.
Also read: 10th tranche of commercial coal mine auctions launched
Subsequently, the Mines and Minerals Development and Regulation (MMDR) Act was amended in 2023 whereunder the Centre was conferred the power to grant mineral concession of 24 critical and strategic minerals.
Apart from mining, the Ministry is also working towards increasing efficiency in extraction of mineral resources and in its conversion into viable economic alloys and metals.
Start-ups and R&D institutes are being pushed while a scheme for partial reimbursement of exploration expenses by exploration licence holders is also on the cards. This is aimed at making mining activities for these critical minerals more investor friendly.
Incidentally, India has been trying to be self-reliant in its quest for critical mineral exploration. However, import reliance continues; specially in case of lithium, a key mineral in EV battery making and energy storage solutions.
It has already acquired lithium mines in Argentina and is eyeing similar acquisitions in Australia. It is also eyeing offtake and mining agreements with African nations like Congo for critical minerals like lithium and copper. Plans are afoot to tap graphite resources in Sri Lanka; and lithium in Lat-Am nations like Chile.