In Short:
The Mines Ministry will launch the fourth tranche of auction of critical and strategic mineral blocks on June 24. This follows the launch of three tranches covering 38 blocks across 14 States and Union Territories. The Ministry aims to increase efficiency in mineral extraction and support start-ups and R&D institutes. India is working towards self-reliance in critical mineral exploration, with plans to acquire mines in Argentina and Australia and tap resources in Sri Lanka and Lat-Am nations.
Exciting News on Critical Mineral Blocks Auction!
Guess what, folks? The Mines Ministry has announced that the fourth tranche of auction of **critical and strategic mineral blocks** will kick off on June 24. This comes after the successful launch of three tranches that covered a whopping 38 critical and strategic mineral blocks spread across 14 States and Union Territories.
Recognizing Excellence
Two Notified Private Exploration Agencies (NPEAs) are all set to receive certificates for their outstanding work. And that’s not all, the winners of the first tranche of critical mineral auction will soon be revealed. Last year, India’s Mines Ministry unveiled its first-ever list of 30 critical minerals, cementing its commitment to promoting mineral exploration in the country.
Empowering Mining Sector
The Mines and Minerals Development and Regulation (MMDR) Act was recently amended in 2023, granting the Centre the authority to grant mineral concession of 24 critical and strategic minerals. But that’s not the only focus – the Ministry is also striving to enhance efficiency in mineral extraction and convert them into valuable economic alloys and metals.
Supporting Innovation and Exploration
With a keen eye on supporting start-ups and R&D institutes, the Ministry is planning a scheme for partial reimbursement of exploration expenses by exploration licence holders. This move aims to make mining activities for these critical minerals more investor-friendly and drive innovation in the sector.
Striving for Self-Reliance
India’s efforts towards achieving self-reliance in critical mineral exploration are commendable. However, import reliance, especially for minerals like **lithium**, persists – a crucial element in EV battery production and energy storage solutions. To counter this, India has already secured lithium mines in Argentina and is actively seeking similar acquisitions in Australia.
Additionally, agreements for offtake and mining collaborations with African nations like Congo for lithium and copper, as well as plans to tap into graphite resources in Sri Lanka and lithium in Latin American nations like Chile, are on the horizon.
Exciting times lie ahead in the realm of critical mineral exploration and mining. Stay tuned for more updates!
