Government initiates e-auction for 7 vital mineral blocks

02 Apr 2024 CW Team

The Ministry of Mines has announced that May 16 will be the final day for the sale of tender documents for participating in the e-auction of seven critical mineral blocks under the tranche III round. It was also specified that the deadline for submitting the documents would be May 21.

It was clarified by the Ministry that these seven blocks were part of the 11 blocks from a previous auction that was canceled due to having less than three Technically Qualified Bidders (TQB).

Moreover, the e-auction process for 18 blocks under tranche II is currently underway. The closing date for the sale of Tender Document is set for May 10, 2024, and the deadline for submitting bids is May 15.

Furthermore, it was stated by the ministry that the second round of e-auctions for six blocks has been successfully concluded as per schedule. A decision regarding the Kundol Nickel and Chromium Block of Gujurat will be made by the designated officer at the appropriate time.

Critical minerals, including lithium, chromium, nickel, graphite, cobalt, titanium, and rare earth elements (REE), are crucial for India's economic progress and national security. At present, the extraction of these minerals is largely controlled by a few countries, notably China, which renders the supply chain susceptible to geopolitical uncertainties.

These critical minerals are indispensable for various sectors such as electronics, electric vehicles, renewable energy, defense, high-tech telecommunications, agriculture, pharmaceuticals, and the establishment of gigafactories. The demand for these minerals is significant and is primarily met through imports.

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