India has initiated the second phase of its extensive critical minerals auction, valued at approximately 30 trillion rupees ($362 billion), announced Pralhad Joshi, the country's Minister for Mines. This ambitious move aims to auction 18 blocks of critical minerals such as tungsten, vanadium, cobalt, and nickel across eight states, including Chhattisgarh, Madhya Pradesh, Karnataka, Maharashtra, and Rajasthan.
In a detailed government release, it was mentioned that 17 of these mineral blocks are slated for a composite licence, which encompasses both exploration and subsequent mining rights, while one block will be directly allocated for a mining lease.
Additionally, Joshi highlighted plans for separate auctions in five states — Maharashtra, Madhya Pradesh, Haryana, Chhattisgarh, and Rajasthan — specifically for exploration licences of critical minerals. This strategic step underscores India's commitment to bolstering its domestic production of essential minerals critical for the nation's industrial and technological growth.
Reflecting on the initial round of auctions that commenced in November of the previous year, Joshi shared that the government attracted 56 bids from prominent companies and groups including Vedanta, Coal India, Shree Cement, Ola Electric, Dalmia group, and Jindal Power. The anticipation builds as the second bidding round for the initial tranche is scheduled for mid-March, with winners expected to be announced by mid-April.
In an additional note, the minister assured that the country would not face a coal shortage this year, following Coal India's announcement last week to reduce its production target for the financial year 2025 due to sufficient stock levels. This comprehensive auction and exploration initiative not only aims to secure India's supply of vital minerals but also positions the country as a key player in the global critical minerals market.
