Maiki South Mining secures India's first Lithium and REE blocks of Chhattisgarh with FPO of 76.05%

economictimes.indiatimes.com:

Lithium block, Katghora, and Rare Earth Element (REE) Block of Chhattisgarh with an FPO of 76.05% to Maiki South Mining Private Limited.
India relies heavily on imports to meet its requirement for critical minerals like Lithium, Niobium and Rare Earth Elements (REE). These minerals find application in new-age technologies like electric vehicles, pharmaceuticals, and defence manufacturing.

India in February last year found its first lithium deposits in Jammu and Kashmir with estimated reserves of 5.9 million tonnes. In July, 2023 India tweaked its mining rules by allowing the entry of private miners to search for the materials.

India will auction 21 critical mineral blocks as part of the fourth tranche worth 830 billion rupees ($9.94 billion) across more than six states, the government said on Monday.

Ten out of these are blocks from previous tranches.

India has been auctioning critical mineral blocks since November as part of efforts towards a clean energy transition. On Friday, the government annulled 14 out of 18 blocks in the second tranche due to a lack of bids.

India also plans to auction its first tranche of 10 offshore critical minerals blocks in next 100 days.

(more to come)