India to start auction of critical mineral mines in few weeks
government will start the auction of critical mineral mines in a few weeks from now, reported ET Now, quoting Mines Secretary.
In August, there were reports of India getting preparing to start the auction process for some 100 critical mineral blocks.
According to a Bloomberg report, Mines Secretary Vivek Bharadwaj had revealed that the blocks that are being prepared for auction includes nickel, lithium, cobalt and platinum, along with rare earths.
“The legal framework has been laid out and the blocks have been identified,” Bloomberg had quoted Bharadwaj as saying. The tender seeking bids is expected to be out by December and auctions may start three months later, he added.
India changed its mining rules in July in a bid to boost exploration of some critical minerals like lithium by allowing private miners to search for the materials.
The reforms will be key for auctioning lithium blocks recently identified in Jammu and Kashmir, and Karnataka state.
State-run enterprises have been actively scouting the globe in search of these valuable mineral resources. Meanwhile, prominent energy giants like Coal India Ltd.
and NTPC Ltd. are meticulously strategizing their foray into the mining sector to tap into these essential materials.
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