Govt to auction 20 critical mineral blocks, says mines secretary
Last month, the Centre had approved royalty rates of 3% each for lithium and niobium and 1% for Rare Earth Elements
New Delhi: The Centre is set to auction 20 blocks of critical minerals, including lithium and graphite, within the next two weeks, as part of a broader effort to harness indigenous technology for mining and processing, V.L. Kantha Rao, secretary, ministry of mines, said on Tuesday at the India International Trade Fair 2023.
The move aligns with the government's strategy to secure minerals essential for advanced technology sectors and follows significant reforms designed to boost private sector engagement in mineral exploration.
Recently, the government identified a slew of critical minerals including new age minerals like lithium, cobalt, and titanium, important to meet the modern-day needs of sectors like electronics, telecom, transport, and defence.
Last month, the Centre had approved royalty rates of 3% each for lithium and niobium and 1% for Rare Earth Elements (REEs).
In a virtual address, Union minister of coal and mines, Pralhad Joshi said, “Minerals are integral part of our daily life and mineral serve as raw material for many industries but are also crucial and vital to energy transition to a low carbon-emission economy, and renewable energy technologies that will be required to meet the ‘net zero’ commitment as declared by our Prime Minister.”
To create awareness among the public about the path breaking reforms underway in the mining and mineral sector, the ministry is showcasing a state-of-the-art mining pavilion at IITF, Pragati Maidan from 14-27 November.
The exhibition is intended to educate visitors on the government's reformative steps, advancements in exploration and auction processes, and the subsequent boost to state revenues and local development through the District Mineral Fund.
Critical mineral blocks like lithium are crucial for manufacturing of electric vehicles. In February, the Geological Survey of India (GSI) established 5.9 million tonne of inferred resources of lithium in the Salal-Haimana area of Jammu & Kashmir.
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Business NewsEconomyGovt to auction 20 critical mineral blocks, says mines secretary
First Published:14 Nov 2023, 03:51 PM IST
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