India cancels 14 out of 18 critical mineral block auctions

25 Jun 2024 CW Team

According to a notification from the government agency MSTC, India has cancelled the sale of 14 blocks of essential minerals that were scheduled for the second round of these auctions. India listed eight states' worth of 18 vital mineral blocks in February as it began the second round of its $362 billion essential minerals auction.

The administration of Prime Minister Narendra Modi is attempting to move to a renewable energy source through the auctions. The Ministry of Mines announced in a notification dated June 21 that no bids were received, hence the auction process for five blocks in the states of Rajasthan, Maharashtra, and Arunachal Pradesh was cancelled. Minerals like vanadium, graphite, chromium, and potash were present in these blocks.

Separately, since there were not the required three offers, the auction procedure for nine blocks' including those holding cobalt, limestone, and tungsten' was cancelled. These blocks are dispersed over the states of Arunachal Pradesh, Tamil Nadu, Maharashtra, Karnataka, and Chattisgarh.

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