"Government Initiates ₹45,000 Crore Auctions for 20 Essential Minerals to Boost Economic Growth"

India has taken a significant step in harnessing its mineral resources by launching the inaugural round of auctions for critical and strategic minerals valued at approximately ₹45,000 crore. The auction encompasses 20 mineral blocks, encompassing crucial resources such as lithium, rare earth elements (REE), nickel, copper, chromium, phosphorite, potash, glauconite, graphite, manganese, and molybdenum.

Out of the 20 blocks, 16 are composite licenses covering exploration, discovery, and up-to-processing activities, while the remaining four are designated as mining leases. Geographically, these blocks are spread across eight states: Odisha, Jharkhand, Uttar Pradesh, Bihar, Chhattisgarh, Tamil Nadu, Gujarat, and Jammu & Kashmir.

The auctions commenced on Wednesday and are scheduled to run until February of the following year. Conducted online through a two-stage ascending-forward process, the selection of eligible bidders will be based on the highest percentage of the value of the mineral dispatched, as quoted by them.

Earlier this year, India identified 24 minerals deemed critical and strategically important. Concurrently, amendments were made to the Mines and Minerals (Development and Regulation) Act (MMDR Act), reflecting the nation's commitment to efficiently manage and leverage its mineral wealth.

HBL