Vedanta, Oil India emerge as the bidders in critical mineral auctions

12 Nov 2024 CW Team

The Mines Ministry has announced preferred bidders for eight critical mineral blocks bid out during the fourth round of auctions. Hindustan Zinc Limited (HZL), Vedanta, Oil India, Orissa Metaliks, and Mamco Mining have bagged these blocks. These blocks were bid out on auction premium offered by a company. Bidders quote the percentage of revenue they intend to share from mining proceeds. The highest auction premium has been quoted for the Barwar Phosphorite Block in Uttar Pradesh by Mamco Mining at 320%. Endolin-Isholin Graphite Block in Arunachal Pradesh got the second highest auction premium commitment at 237.50%, also quoted by Mamco Mining. At 2.55%, the Depo Vanadium and Graphite Block has received the auction premium. These blocks contain deposits of strategic minerals such as phosphorite, graphite, and vanadium, essential for high-tech and green energy applications.

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