India set to auction around 100 critical mineral blocks

India is gearing up to auction around 100 critical mineral blocks within the next four months as part of its strategy to secure domestic supplies of essential raw materials required for the green energy transition. These mineral blocks include resources like nickel, lithium, cobalt, platinum, and rare earths. The objective is to support India’s goal of becoming a significant hub for battery and electric vehicle manufacturing, aiding its path to achieve a net-zero target.

Mines Secretary Vivek Bharadwaj mentioned that the legal framework for the auction has been established, and the blocks to be auctioned have been identified. The tender seeking bids is expected to be released by December, with auctions starting about three months later.

India currently doesn’t mine certain critical minerals such as lithium, cobalt, and nickel domestically. To encourage both global and local miners to participate in the auction process, the government is planning to provide half the cost of exploration as reimbursement. Companies that win the bids may require around three years to develop and begin operations in these mines.

The recent changes to India’s mining rules, which allow private miners to explore for critical minerals like lithium, are expected to play a crucial role in facilitating the auction of these mineral blocks. This will especially impact the auction of lithium blocks in regions like Jammu and Kashmir and Karnataka.

State-run companies and energy giants like Coal India Ltd. and NTPC Ltd. are actively exploring opportunities for mining these essential minerals. Additionally, a government-owned joint venture called Khanij Bidesh India Ltd. has been formed to purchase critical mineral assets overseas, primarily in regions such as Australia and South America. These efforts reflect India’s determination to ensure a secure supply of vital resources for its ambitious renewable energy and electric vehicle plans.

Elevate your business with QU4TRO PRO!

Gain access to comprehensive analysis, in-depth reports and market trends.

Interested in learning more?

Sign up for Top Insights Today

Top Insights Today delivers the latest insights straight to your inbox.

You will get daily industry insights on

Oil & Gas, Rare Earths & Commodities, Mining & Metals, EVs & Battery Technology, ESG & Renewable Energy, AI & Semiconductors, Aerospace & Defense, Sanctions & Regulation, Business & Politics.

By clicking subscribe you agree to our privacy and cookie policy and terms and conditions of use.

Read more insights

Copper’s rally faces challenges as short-covering momentum fades

The intense pressure on the CME copper contract seems to have eased, but fund managers remain optimistic about both the U.S. and London markets. There has been some profit-taking as prices have dropped from last month’s record highs, yet long positions remain strong on both the CME and London Metal Exchange (LME)…

China consolidates state firms in new entity to boost ultra-deep oil and gas exploration

China is establishing a new entity that consolidates national oil producers and other state firms to explore ultra-deep oil and gas reserves and tackle challenging non-conventional resources, as announced by state energy group CNPC on Monday. This initiative responds to President Xi Jinping’s call for the energy sector…

Lloyd’s of London raising Taiwan rates as insurers acknowledge conflict risks

Lloyd’s of London underwriters, recognized as leaders in the insurance industry, are taking proactive measures to mitigate potential risks associated with Taiwan. They are reportedly increasing insurance rates and reducing the amount of coverage offered for risks related to Taiwan, as concerns over the possibility of military action by China continue to grow. This move follows a similar response by insurers after Russia’s unexpected invasion of Ukraine last year, which led to insurers excluding Russia and Ukraine from policies or imposing higher rates due to heightened geopolitical risks.

Stay informed

error: Content is protected !!