Ministry of Mines to Launch 4th Auction for Critical Minerals in New Delhi

The Ministry of Mines in India is set to launch the 4th tranche of auctions for critical and strategic mineral blocks on Monday in New Delhi. Union Minister of Coal and Mines G Kishan Reddy and Minister of State for Coal and Mines Satish Chandra Dubey will inaugurate the event at the Scope Convention Centre, CGO Complex.

Critical minerals are essential for the country’s economic development and mineral security. Their scarcity or dependence on a few nations for extraction and processing can create significant supply chain vulnerabilities. Last year, the government amended the Mines and Minerals Development and Regulation (MMDR) Act, allowing the Central Government to issue mineral concessions for 24 critical and strategic minerals.

So far, the government has launched three tranches, auctioning 38 critical and strategic mineral blocks across 14 States and Union Territories. During this event, the preferred bidders of the 1st tranche, launched on November 29, 2023, will be announced. Certificates will also be presented to two Notified Private Exploration Agencies (NPEAs).

To enhance the efficiency of mineral resource extraction and their conversion into viable economic alloys and metals, sanction letters of grant will be awarded to start-ups and R&D institutes. Additionally, a new scheme for the partial reimbursement of exploration expenses for exploration licence holders will be introduced during the event.