Government to initiate auction process for vital mineral blocks this year
COAL & MINING

Government to initiate auction process for vital mineral blocks this year

India is getting ready to initiate the auction process for around 100 critical mineral blocks within the next four months. This move is a part of their strategy to secure local sources of the necessary raw materials for supporting the transition towards green energy.

According to Vivek Bharadwaj, Mines Secretary, the mineral blocks encompass a range of minerals such as nickel, lithium, cobalt, platinum, and also rare earths.

Bharadwaj stated, "The legal framework has been established, and the blocks have been identified." He also mentioned that the tender for bids is anticipated to be released by December, and the auctions could possibly commence three months later.

India is striving to guarantee the security of critical minerals to bolster its objective of positioning the country as a prominent centre for manufacturing batteries and electric vehicles. This endeavour aligns with their aspiration to achieve a net-zero target. Currently, India does not domestically extract crucial materials like lithium, cobalt, and nickel.

In order to encourage participation from both global and local mining entities in this process, the government is devising a plan to reimburse half of the exploration costs, as shared by Bharadwaj. He indicated that it might take companies at least three years to operationalise the mines.

In a recent development, India revised its mining regulations, granting permission to private mining companies to explore certain critical minerals like lithium. This alteration will play a pivotal role in the auction of lithium blocks that have been recently identified in the regions of Jammu and Kashmir, as well as Karnataka.

Several state-owned enterprises have been actively seeking such resources on a global scale. Notable energy companies like Coal India and NTPC are strategising their approaches for mineral extraction. Additionally, Khanij Bidesh India, a collaborative initiative involving three government-owned corporations, has been established with the purpose of acquiring critical mineral assets abroad, particularly in Australia and South America.

Also read: 
SECL signs agreement for maiden open-cast mining
Power Mech Projects wins dual contracts for O&M, Sand Mining Ventures


India is getting ready to initiate the auction process for around 100 critical mineral blocks within the next four months. This move is a part of their strategy to secure local sources of the necessary raw materials for supporting the transition towards green energy. According to Vivek Bharadwaj, Mines Secretary, the mineral blocks encompass a range of minerals such as nickel, lithium, cobalt, platinum, and also rare earths. Bharadwaj stated, The legal framework has been established, and the blocks have been identified. He also mentioned that the tender for bids is anticipated to be released by December, and the auctions could possibly commence three months later. India is striving to guarantee the security of critical minerals to bolster its objective of positioning the country as a prominent centre for manufacturing batteries and electric vehicles. This endeavour aligns with their aspiration to achieve a net-zero target. Currently, India does not domestically extract crucial materials like lithium, cobalt, and nickel. In order to encourage participation from both global and local mining entities in this process, the government is devising a plan to reimburse half of the exploration costs, as shared by Bharadwaj. He indicated that it might take companies at least three years to operationalise the mines. In a recent development, India revised its mining regulations, granting permission to private mining companies to explore certain critical minerals like lithium. This alteration will play a pivotal role in the auction of lithium blocks that have been recently identified in the regions of Jammu and Kashmir, as well as Karnataka. Several state-owned enterprises have been actively seeking such resources on a global scale. Notable energy companies like Coal India and NTPC are strategising their approaches for mineral extraction. Additionally, Khanij Bidesh India, a collaborative initiative involving three government-owned corporations, has been established with the purpose of acquiring critical mineral assets abroad, particularly in Australia and South America. Also read:  SECL signs agreement for maiden open-cast mining Power Mech Projects wins dual contracts for O&M, Sand Mining Ventures

Next Story
Infrastructure Energy

GAIL to Set Up Bengaluru CBG Plant Under New Concession Pact

GAIL (India) Limited has signed a 20-year concession agreement with the Bengaluru City Municipal Corporation (BBMP) to set up a compressed biogas (CBG) plant in the city. The project, expected to produce around 10 tonnes of CBG daily, will utilise municipal solid waste as feedstock, contributing to clean energy generation and efficient waste management. The CBG produced will be used in GAIL’s City Gas Distribution network to promote cleaner fuel usage. The initiative aligns with the government’s Sustainable Alternative Towards Affordable Transportation (SATAT) scheme and GAIL’s broader ..

Next Story
Infrastructure Energy

Uttarakhand HC Lifts 31-Year Ban on ONGC’s Contractual Hiring

The Uttarakhand High Court has lifted a 31-year-old ban on the Oil and Natural Gas Corporation (ONGC) from hiring contractual workers, a restriction imposed in 1993. The decision enables ONGC’s Dehradun establishment to employ personnel on a contractual basis to meet operational requirements. The long-standing prohibition had limited ONGC’s ability to fill vacancies in its technical and administrative departments, often leading to project delays and higher dependence on outsourcing. With the court’s directive, the public sector enterprise can now proceed with temporary recruitments whil..

Next Story
Infrastructure Energy

JSW Energy’s Utkal Unit Bags 400 MW, 25-Year Power Supply Deal

JSW Energy Limited announced that its subsidiary, JSW Energy (Utkal) Limited, has secured a Letter of Award (LoA) from Karnataka’s Power Company of Karnataka Limited (PCKL) for the supply of 400 MW of electricity for 25 years. The agreement is part of a competitive bidding process for long-term procurement of power to meet the state’s growing energy demand. The 400 MW capacity will be supplied from JSW Energy’s upcoming thermal power project in Odisha. This development strengthens JSW Energy’s presence in the southern market and aligns with its strategy to enhance long-term contracte..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?