New Delhi: The Union Minister of Coal and Mines, G. Kishan Reddy, and the Minister of State for Coal and Mines, Satish Chandra Dubey, are set to launch the 4th tranche of the auction of critical and strategic mineral blocks today. The event will take place at the Scope Convention Centre, CGO Complex, New Delhi.
Critical minerals are essential for both the economic development and mineral security of India. The scarcity of these minerals or dependence on a few nations for their extraction and processing could pose significant vulnerabilities to the country’s supply chains. To address these concerns, the Mines and Minerals Development and Regulation (MMDR) Act was amended in 2023, granting the Central Government the authority to issue mineral concessions for 24 critical and strategic minerals.
To date, the Central Government has conducted three tranches of auctions for 38 critical and strategic mineral blocks across 14 states and union territories. During today’s event, the preferred bidders from the first tranche, which was launched on November 29, 2023, will be officially announced.
The program will also feature the presentation of certificates to two Notified Private Exploration Agencies (NPEAs). Additionally, to enhance the efficiency in the extraction of mineral resources and their conversion into viable economic alloys and metals, sanction letters of grants will be distributed to various startups and research and development institutes.
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