In a significant move, the Ministry of Mines in Bharat is set to open bids for more than 100 blocks containing strategic and critical minerals by February next year. This includes both onshore and offshore mineral reserves, according to Union Minister of Mines Pralhad Joshi. The announcement was made during the launch event of the National Geoscience Data Repository (NGDR) portal.
Joshi highlighted that the decision to auction these mineral blocks is part of Bharat’s efforts to position itself as the “World Factory”, especially with the ongoing shift of manufacturing away from China. The move aims to ensure a steady supply of critical minerals to companies establishing their presence in Bharat.
In addition to the onshore mineral blocks, approximately 15 offshore blocks will be put up for auction in March. This initiative follows Bharat’s recent commencement of the auction process for 20 blocks of critical minerals, including a significant discovery of 5.9 million tonnes of lithium reserves in Jammu & Kashmir’s Reasi district, collectively valued at Rs 45,000 crore.
The push for increased availability of critical minerals is crucial for sectors such as renewable energy, defense, and agriculture. The Geological Survey of India (GSI) has identified around 500 mineral blocks, including critical ones, with plans to explore approximately 1,000 blocks in the coming year.
The Mines and Minerals (Development and Regulation) Act underwent an amendment on August 17, granting the central government the authority to auction 24 minerals classified as critical and strategic. The list includes minerals like titanium, bauxite, glauconite, nickel, chromium, potash, copper, graphite, manganese ore, molybdenum ore, phosphorite, platinum group elements (PGE), and rare earth elements (REE).
The upcoming auctions are expected to play a pivotal role in meeting the growing demand for these essential minerals, supporting Bharat’s industrial growth and attracting investments from companies seeking a reliable source of critical resources.
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