Jharkhandinc Bureau
NEW DELHI, March 22: The Ministry of Mines will launch the seventh tranche of auctions for critical and strategic mineral blocks on March 23, Union Coal and Mines Minister G. Kishan Reddy is scheduled to announce, officials said.
The auction will include 19 mineral blocks across multiple states under mining lease and composite licence categories.
Officials said the move is part of efforts to strengthen domestic supply of critical minerals such as lithium, graphite, rare earth elements, tungsten and titanium, which are essential for sectors including clean energy, advanced technologies and strategic industries.
The government had amended the Mines and Minerals (Development and Regulation) Act, 1957 in August 2023, identifying 24 minerals as critical and strategic. The amendment allows the Centre to directly auction such blocks, with revenue accruing to the respective states.
According to officials, six previous auction rounds have resulted in allocation of 46 critical and strategic mineral blocks.
They said the latest tranche is aimed at expanding exploration and accelerating development of mineral resources amid rising global demand.
Officials added that recent reforms have been introduced to streamline auction processes and improve timelines for operationalisation of mines.
These include changes to auction rules allowing alternatives such as insurance surety bonds in place of bank guarantees, along with simplified procedures for payments and approvals after auction.
The auction will be conducted through an online two-stage ascending forward bidding process, with selection based on the highest quoted value of mineral dispatched.
Officials said the initiative is expected to support mineral security and reduce dependence on imports for key resources required in energy transition and industrial growth.
