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Ministry of Mines to launch 4th Tranche of Auction of Critical Minerals

Published: Jun 24, 2024

By TIOLCorplaws News Service

NEW DELHI, JUNE 24, 2024: UNION Minister of Coal and Mines, G. Kishan Reddy and Minister of State for Coal and Mines, Satish Chandra Dubey will launch the 4th tranche of auction of critical and strategic mineral blocks on 24th June, 2024 at a programme to be held at Scope Convention Centre, CGO Complex, New Delhi.

Critical Minerals play a pivotal role for both economic development and mineral security of the country. Their scarcity or reliance on a few nations for extraction and processing could pose significant vulnerabilities to our supply chains. In light of the same, Mines and Minerals Development and Regulation (MMDR) Act was amended in 2023 whereunder the Central Government was conferred the power to grant mineral concession of 24 critical and strategic minerals.

So far, the Central Government has launched 3 tranches auction of 38 critical and strategic mineral blocks located across 14 States and Union Territory. During the event preferred bidders of 1st Tranche launched on 29 th November, 2023 will be declared.

The occasion will also include handing over of certificates to 02 Notified Private Exploration Agencies (NPEAs) .  Further, to increase the efficiency in extraction of mineral resources and in its conversion into viable economic alloys and metals, sanction letters of grant will be handed over to Start-ups and R&D institutes. Scheme for partial reimbursement of exploration expenses by exploration licence holders will also be announced.

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