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Friday, March 01 2024
India

Govt to launch first ever auction of critical mineral blocks for mining on Nov 29

The Centre will launch the first tranche auction of critical and strategic minerals on November 29, the Ministry of Mines announced on Tuesday
Photo Credit : IANS

New Delhi: The Centre will launch the first tranche auction of critical and strategic minerals on November 29, the Ministry of Mines announced on Tuesday.

“As many as 20 blocks of critical and strategic minerals being auctioned are spread across the country. This is a landmark initiative that will boost our economy, enhance national security and support our transition to a clean energy future,” the Mines Ministry said.

Critical and strategic minerals are crucial inputs used in the manufacture of high-tech electronics, electric cars, renewable energy products, defence, telecommunications and the creation of gigafactories.

The need is usually met by imports and currently China occupies a near-monopoly in the critical minerals space.

With the emphasis on creating alternative supply chains, India is expected to emerge as a key player.

“The strategy will also identify the responsibilities of different ministries of the India in ensuring the resilience of the supply chain of critical minerals,” the ministry said.

The ministry is also preparing a strategy for recycling metals and will also work with partner countries to co-develop mineral processing and raw material manufacturing capabilities.

In addition to strengthening domestic mechanisms, collaborative international efforts through multilateral and bilateral engagements have been made to build a resilient critical minerals value chain.

The Ministry of Mines is actively engaging in new partnerships and alliances like the Minerals Security Partnership (MSP) and the Australia-India Economic Cooperation and Trade Agreement.

 

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