Posted on 04 Mar 2024
India has launched the second tranche of its critical minerals auction worth an estimated INR 30 trillion ($362 billion), according to the country’s mines ministry.
This time, the country will tender 18 critical minerals blocks including nickel, cobalt and vanadium in eight states. Bidders will look at the Maharashtra state for nickel and cobalt; at the Karnataka state for nickel, cobalt and manganese; the Madhya Pradesh state for graphite; and the Arunachal Pradesh state for vanadium, rare earth elements and graphite.
Minister Pralhad Joshi said in a press conference on Thursday that the importance of minerals cannot be overstated as they are poised to play a crucial role in India’s pursuit of sustainable development goals, combating climate change and realising “the vision of Aatmanirbhar Bharat.” That means making the country independent and self-reliant, Kallanish notes.
V L Kantha Rao, mines secretary, noted that the efforts taken by the ministry will reduce dependence on imports, whilst boosting the country’s economy. He says the ministry is focused on a multifaceted approach including exploration, mining, domestic processing, refining and partnerships with other countries. “The auction of critical and strategic mineral blocks is a key aspect of our strategy to achieve this goal,” the ministry adds.
According to the government, seventeen mineral blocks will be available as a composite licence, which covers exploitation and exploration. The remaining block will be for a mining lease. Additionally, five states – Maharashtra, Madhya Pradesh, Haryana, Chhattisgarh and Rajasthan – will auction blocks for exploration licences separately.
Officials revealed that 56 bids were received in the first auction round of the first tranche. The second bidding round for the first tranche will take place in mid-March, with winners to be announced in mid-April.
In addition, Joshi also announced financial support to five mining and mineral start-ups, “to bridge the gap between R&D and commercialisation.” The grants seek to promote the ecosystem for a complete value chain in the mining and mineral sector.
The awarded projects include a pilot plant for the extraction of neodymium-praseodymium metal from the rare earth element oxides, and a pilot plant to produce high-purity, battery-grade silicon material for lithium-ion battery anode. The government is also supporting a software project targeting REE exploration; a production method for alumina hydrates by electrolysis of sodium carbonate to produce hydrogen; and a pilot plant for a lithium ion-electro fusion reactor for alkali metals.
Source:Kallanish
