Mine Auction

The move comes as India is taking efforts to reduce its reliance on imports of minerals such as lithium, key to energy transition technologies

The government is planning to begin the auction of offshore mineral blocks in the next two to three months and around 10 such mines are likely to be auctioned in the first phase, coal and mines minister G Kishan Reddy said on Thursday. The government amended the Offshore Areas Mineral (Development and Regulation) Act, 2002, to provide an auction route for awarding production leases for offshore minerals. Offshore minerals are located deep within the earth's crust and are difficult to extract compared to onshore minerals. Speaking to media after the inauguration of mines ministry pavilion at India International Trade Fair, Reddy said the government plans "to auction offshore minerals blocks in two to three months". India's offshore mineral reserves include gold, diamond, copper, nickel, cobalt, copper, manganese, and rare earth elements. The offshore auctions will help increase the availability of these minerals in India and reduce dependence on imports. The minister further said

The government said the amendments made in the MMDR Act have led to speedy auction and production from mines

Illegal mining can be curbed only by promoting legal mining

Now, G2 needed for mining leases, while G4 must for obtaining composite licences

About a decade back, the state had discovered 113.52 million tonnes of gold ore in reserves in the Bhukia-Jagpura village of Banswara district

The government has outlined timelines for various activities involved in the process, accompanied by penalties for delays attributable to the bidder

The Centre on Friday entered into pacts with six bidders, including Hindalco Industries and NLC India Ltd, which bagged coal blocks under the seventh round of coal mines auction. The government had launched the seventh round of auctions for commercial mining of coal blocks, putting 106 mines under the hammer. In a statement, the coal ministry said that successful bidders encompass entities such Hindalco Industries Ltd, NTPC Mining Ltd, NLC India Ltd, Shri Bajrang Power & Ispat Limited and Nilkanth Mining Ltd. The mines for which these agreements have been executed are Meenakshi West, North Dhadu (Eastern Part), North Dhadu (Western Part), Pathora East, Pathora West and Sherband. Of the said blocks, four have undergone partial exploration and the other two are fully explored. The estimated total revenue generation annually from these blocks stands at approximately Rs 787.59 crore, based on production at an aggregated peak rate capacity (PRC) level of seven metric tonne per annum .

Profits down 91% in Q2, driven by margin contraction because sales realisation did not keep pace with rise in expenses

Till now, the Coal Ministry has auctioned 43 coal mines with peak rate capacity of 85.4 million tonnes per annum

Adds three mines from the same state taking the total of mines on offer to 38, from 41 earlier

Analysis by Fimi shows how auctions have lulled mining from virgin blocks

The lease validity of these iron and manganese ore blocks notified for auctions is expiring by March 31, 2020

Nine freehold, 21 lapsing merchant mines to be auctioned

Two iron ore, three limestone blocks to go under hammer, bid deadline is April 18

The data colleted by the Union mines ministry shows 288 leases are due to lapse by March 31, 2020

Mines ministry has so far auctioned 33 mineral blocks; SPVs are responsible for carrying out activities on behalf of procurers

Mineral blocks likely to go under the hammer will be from the mineral-rich states like Odisha, Jharkhand, Chhattisgarh and Karnataka