The auction encompasses 21 blocks across six states, namely Arunachal Pradesh, Chhattisgarh, Jharkhand, Karnataka, Rajasthan, and Uttar Pradesh.These blocks contain valuable minerals such as Graphite, Glauconite, Phosphorite, Potash, Nickel, PGE, Phosphate, and Rare Earth Elements, highlighting India’s focus on resource exploration.
During the event, preferred bidders for six blocks from the first tranche were declared, and certificates were awarded to two newly notified Private Exploration Agencies (NPEAs), increasing the total number of NPEAs to 22. This development showcases the government’s efforts to expedite mineral exploration through advanced technology and private sector involvement.
The ministry of mines also provided grants totaling ₹23.63 crore to 24 R&D institutes and 10 startups to support research and development. Furthermore, the union minister introduced a new scheme for partial reimbursement of exploration expenses, aiming to encourage junior mining companies to participate in exploration auctions and foster a robust exploration ecosystem.
G Kishan Reddy also announced plans to launch the first tranche of offshore mineral block auctions within the next 100 days, further strengthening India’s mineral resource base.
India has been consistently auctioning critical mineral blocks since November, aiming for a clean energy transition. Despite challenges, such as the annulment of 14 out of 18 blocks in the second tranche due to a lack of bids, the government remains dedicated to this initiative.
The first auctioned lithium block in Chhattisgarh was awarded to Maiki South Mining Ltd earlier today, marking another significant step in India’s mineral exploration journey.
This ambitious auction plan, with an estimated value of ₹830 billion ($9.94 billion), emphasises India’s strategic approach to securing essential minerals crucial for its economic and energy future.
