The public sale will happen on-line by way of two stage ascending ahead public sale course of. The sale of tender doc will start from November 29, 2023, the Mines Ministry stated in an announcement. Photo: X/@MinesMinIndia
The authorities will launch the primary spherical of public sale of critical and strategic minerals on November 29, placing 20 blocks beneath the hammer.
Twenty blocks of critical and strategic minerals being put on sale are unfold throughout the nation, an official assertion stated.
Critical minerals cater to the wants of sectors reminiscent of renewable power, defence and agriculture.
The public sale will happen on-line by way of two stage ascending ahead public sale course of. The sale of tender doc will start from November 29, the Mines Ministry stated in an announcement on November 28.
“Details of the mineral blocks, auction terms, timelines etc. can be accessed on MSTC auction platform,” the assertion stated. The income generated from these auctions will accrue to the States.
“This is a landmark initiative that will boost our economy, enhance national security and support our transition to a clean energy future,” the Ministry stated.
There is excessive demand for critical and strategic minerals. Their demand is normally met by imports. Critical minerals are important for our financial growth, the nation and its safety, the official assertion stated.
“The lack of availability of these minerals or concentration of their extraction or processing in a few countries may lead to supply chain vulnerabilities. The future global economy will be underpinned by technologies that depend on minerals such as lithium, graphite, cobalt, titanium and rare earth elements (REE),” it stated.
India has dedicated to obtain 50 per cent of cumulative electrical energy put in capability from non-fossil sources by 2030. Such an bold plan for power transition is ready to drive the demand for electrical automobiles, wind and photo voltaic power initiatives in addition to battery storage techniques thereby growing the demand for these critical minerals.
Recently, 24 minerals have been notified as critical and strategic minerals by an modification within the mining rule.
