Government Set To Launch Fourth Tranche Of Critical & Strategic Mineral Block Auctions On Monday

The Ministry of Mines is gearing up to commence the fourth tranche of auctions for critical and strategic mineral blocks in the national capital on Monday.

As per an official statement from the ministry, Union Minister of Coal and Mines G Kishan Reddy and Minister of State for Coal and Mines Satish Chandra Dubey will inaugurate this tranche at the Scope Convention Centre, CGO Complex, New Delhi.

Critical minerals play a vital role in the economic development and mineral security of the country. Their scarcity or reliance on a limited number of nations for extraction and processing can pose significant vulnerabilities in supply chains.

Last year, amendments were made to the Mines and Minerals Development and Regulation (MMDR) Act, empowering the Central Government to grant mineral concessions for 24 critical and strategic minerals.

The Central Government has already conducted three tranches, auctioning 38 critical and strategic mineral blocks across 14 States and Union Territories. During this event, the successful bidders from the first tranche launched on November 29, 2023, will be announced.

The event will also include the awarding of certificates to two Notified Private Exploration Agencies (NPEAs). Additionally, to enhance the efficiency of mineral resource extraction and their conversion into viable economic alloys and metals, grant sanction letters will be presented to start-ups and R&D institutes.

Moreover, the ministry will introduce a scheme for the partial reimbursement of exploration expenses for exploration licence holders during the launch event of the mineral blocks.