India to Auction Critical Mineral Blocks in Coming Weeks

New Delhi: The Indian government is set to begin the auction of critical mineral mines in the coming weeks, according to a senior civil servant. The auction will be part of the government's efforts to boost exploration and secure critical mineral assets.

Critical minerals are essential components in rapidly growing clean energy technologies, such as wind turbines, electricity networks, and electric vehicles. Demand for these minerals is growing quickly as the clean energy transition is gathering pace.

India is one of the world's largest consumers of critical minerals, but it imports the vast majority of its supply. The government is keen to reduce this reliance on imports by increasing domestic production.

Join PSU Connect on WhatsApp now for quick updates! Click here

Read Also : Petroleum Minister Shri Puri launches MRPL’s New Product

In August 2023, the government announced that it was preparing to auction about 100 critical mineral blocks. The blocks include deposits of nickel, lithium, cobalt, platinum, and other rare earth elements.

The government has now said that the auction will start in the next few weeks. The tender seeking bids is expected to be released in December, with auctions starting three months later.

The auction is expected to attract strong interest from both domestic and international companies. State-run enterprises and energy giants are actively seeking these valuable mineral resources.

Read Also : VP Jagdeep Dhankar exhorts BEL to lead semiconductor revolution

In addition to the economic benefits, the auction could also create jobs and boost regional development. The mining of critical minerals can be a labor-intensive process, and the development of new mines could create jobs in rural areas.

The auction is also a sign of India's commitment to the global energy transition. By increasing the supply of critical minerals, India can help to make clean energy technologies more affordable and accessible around the world.

Read Also : WAPCOS wins prestigious CEAI National Award 2024 in Project Engineering