Critical Mineral Blocks' Benefits Delayed

24 May 2024 CW Team

Icra has reported that the 38 critical mineral blocks recently put up for auction in India are unlikely to yield any substantial benefits within this decade, specifically by 2030. The primary reason cited is the incomplete exploration of these mines, which hampers the potential for commercialization and subsequent economic gains. This situation poses a significant challenge for India's downstream manufacturing sectors, which could face supply shocks, especially in critical minerals like lithium .

The government's initiative to auction these blocks, including notable lithium deposits in regions like Jammu & Kashmir and Chhattisgarh, is part of a broader strategy to secure resources vital for the country's economic and technological advancement. However, the extraction of lithium from clay deposits presents specific challenges that add to the complexity of realizing these blocks' full potential within the projected timelines .

This delay in deriving benefits from the critical mineral blocks underscores a broader issue within the sector, where the pace of exploration and readiness for commercial mining lags behind the market demand. This gap could affect various industries, particularly those reliant on these minerals for manufacturing high-tech products, renewable energy solutions, and other applications critical to India's growth and environmental objectives .

The situation calls for a reassessment of strategies concerning the exploration and development of mineral resources in India. Enhanced technological approaches, better regulatory frameworks, and more robust industry-government collaboration may be required to expedite the exploration process and reduce the time from discovery to market.

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