Mineral Auction

Govt to launch 1st round of auction of minerals in offshore areas on Nov 28

The government will on Thursday launch the first round of sale of mineral blocks in offshore areas with 13 mines across the Arabian Sea and Andaman Sea set to be auctioned. These mineral blocks consist of a mix of construction sand, lime mud, and polymetallic nodules. These minerals are critical for infrastructure development, high-tech manufacturing and green energy transition. "The Ministry of Mines will be launching the first-ever tranche of auction of mineral blocks in offshore areas of India on 28th November 2024," an official statement said. The move assumes significance as it will lead to foray into the exploration and development of undersea mineral resources within its offshore area. Offshore areas include territorial waters, continental shelf, exclusive economic zone, and other maritime zones of the country. With the global shift towards technologies reliant on high-demand minerals, such as cobalt, nickel, rare earth elements, and polymetallic nodules, India must develop

New offshore-mining regulations allow lease surrender after 10 years

Under the new rules, offshore areas will be made available for mineral exploration and production only after being notified in the Official Gazette by the administering authority

Critical, strategic mineral auctions hit a roadblock: Why the delay?

A Ministry of Mines order dated May 21 announced that the deadline for the 25 critical mineral blocks listed in the second and third rounds has been postponed from June 11 and June 28 to July 18

Govt considers offering incentives for lithium processing: Report

Companies including SoftBank-backed e-scooter maker Ola Electric, and miner Vedanta Ltd and Jindal Power are among those bidding for critical minerals blocks, which include lithium

India's critical and strategic mineral auctions face three-month delay

Final date to select the preferred bidders for remaining seven mineral blocks has been deferred to July 8

Govt cancels auction of 13 of 20 critical mineral blocks over poor response

The government on Friday said it has cancelled the auction for 13 of the 20 blocks put on sale in the first tranche of critical minerals as the response was lukewarm. "The e-auction process for 13 mineral blocks was annulled vide notification dated 13 March 2024, wherein no bids were received for two blocks and less than three technically Qualified Bidders (TQB) were there for 11 blocks," the mines ministry said in a statement. Of the 20 blocks put on offer, 56 physical bids and 56 online bids were received for 18 blocks. Of the 11 cancelled blocks, seven mines have been notified for auction under the third round. The second round of auction of six blocks have been completed as per schedule. The decision on kundol, nickel and chromium block in Gujurat will be taken by the designated officer in due course of time, as per the statement. Earlier this month, the government launched the third tranche of auction of critical and strategic minerals. The Centre has launched auction of 38

Looking at setting targets on offshore mineral mining: Mines secretary

"In Africa, we are exploring opportunities in Zambia, Namibia, Congo, Ghana, and Mozambique for critical minerals," the secretary said, adding that they are engaging with Australia for lithium blocks

Govt puts 7 critical and strategic mineral blocks up for bid again

These seven blocks pertains to critical minerals such as Glauconite, Graphite, Nickel, PGE, Potash, Lithium, and Titanium and are spread across the States of Bihar, Jharkhand, Tamil Nadu, UP and J&K

First tranche of offshore mineral auction expected by mid-2024: Joshi

The first tranche of offshore minerals auctions is likely to kick off by June-July this year, Union Minister Pralhad Joshi said. A total of 10 offshore mineral blocks have been short-listed by the mines ministry, and inter-ministerial consultations are underway to seek necessary clearances for auctions at the earliest, the Minister for Coal and Mines told PTI. When asked about a timeframe for the auction of offshore minerals, he said the auctions are likely to kick off by June-July of 2024. The blocks are located on the east and west coast of India, Joshi said without sharing any further information. "Our plan is to launch more tranches of auction of offshore minerals after concluding the first one," the minister added. 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 com

Centre launches 2nd round of critical mineral auction worth Rs 30 trillion

The inaugural round for the auction of critical minerals in the country commenced on November 29. The minister disclosed that over 180 potential bidders have procured the tender documents

Total 76 mineral blocks auctioned this year, 30 for mining lease: Govt

The government on Friday said that as many as 76 mineral blocks have been auctioned in the current year. Of the 76 mineral blocks, 30 mineral blocks were auctioned for mining lease and the remaining 46 were sold as a composite licence. Mining lease means a lease granted for the purpose of undertaking mining operations, while, composite licence is a two-stage operating right granted for the purpose of undertaking exploration followed by production operation. "During the Year 2023, 76 mineral blocks have been successfully auctioned till December. Out of these, 30 mineral blocks were auctioned for Mining Lease (ML) and the remaining 46 were auctioned as Composite Licence (CL)," the mines ministry said in a statement. Out of the total 335 blocks auctioned since 2015, 46 are operational and 43 are in production. During the year 2023, Madhya Pradesh and Rajasthan have successfully auctioned the maximum number of blocks, i.e. 22 and 16, respectively. In 2022 a total number of 33 Iron Or

Critical, offshore mineral blocks set for auction in 2024: Official

Auctioning of critical mineral and offshore mineral blocks as well as giving exploration licences in 2024 are set to rejuvenate the country's mining sector that has the potential for a multiplier effect on economic growth. As the government focuses on self reliance, Mines Minister Pralhad Joshi told PTI, "every few months (in 2024) we will bring out a new batch of critical minerals for auction." Not just critical minerals, exploration of deep-seated minerals like gold and copper, as well as offshore areas are on the priority list. In November, the government launched the first tranche of e-auction of 20 mines of critical and strategic minerals. The blocks include copper, lithium, nickel and potash. A committee, set up by the mines ministry, had identified 30 minerals as critical and strategic, considering their economic importance and supply risk vis-a-vis India's priorities and future requirements for energy transition. Besides, a new Mineral Concession namely exploration licence

India set to launch first-ever offshore mineral auction in Q1CY24

Critical minerals are defined as those that are essential to the economic and national security of a nation but that have a supply chain vulnerable to disruption

NMET-funded 11 mineral blocks auctioned, six under process: Coal minister

The government on Wednesday said as many as 11 mineral blocks funded by the National Mineral Exploration Trust have been auctioned while six other blocks are under the sale process. The National Mineral Exploration Trust (NMET) was set up in 2015 to boost regional and detailed mineral exploration activities. "Since inception NMET has funded 270 mineral exploration projects, out of which 162 projects have been completed and the remaining 108 projects are ongoing. "Out of 162 completed projects, 11 projects have been auctioned by the respective state governments and six projects are in pipeline," Coal and Mines Minister Pralhad Joshi said in a written reply to the Lok Sabha. Of the 11 projects, three are in Odisha, two each in Rajasthan and Maharashtra, and one each in Madhya Pradesh, Uttar Pradesh, Chhattisgarh and Karnataka, he said. Of the six NMET blocks under the auction process, five are in Tamil Nadu and one in Karnataka. NMET receives proposals from exploration agencies and

Ensure greater transparency in mineral concession auction: Parliament panel

A parliamentary panel has suggested that greater transparency should be ensured in the auction of mineral concessions with pre-embedded clearances to give a fillip to the auction process

Amendment in mineral auction rules will encourage more participation: Govt

The amendment rules have been framed after extensive consultations with the states, industry associations, miners, other stakeholders and general public

Mineral block auctions hit speed bump, only 41 of 78 identified blocks sold

In current fiscal, six mineral blocks have passed auction test, though Notice Inviting Tenders are ongoing for 22 others

Govt expects mineral auction worth Rs 50,000 cr in last 4 months of FY18

Govt has auctioned Rs 1.80 lakh crore worth of minerals for 33 mines during the last two years

States must support Centre on land acquisition for mineral auction: Goyal

The newly-appointed minister also said, he would ensure that better mineral blocks are put up for sale in the coming auctions