Mineral Sector

Govt completes auction of 24 critical, strategic mineral blocks in 4 rounds

The government on Wednesday said that 24 critical and strategic mineral blocks have been sold in four rounds of auction. "Out of 48 blocks put to e-auction, 24 have been successfully auctioned, including four mining lease (ML) and 20 composite license (CL) blocks," the mines ministry said in a statement. The centre has so far completed four tranches of e-auction, it said, adding that a total of 10 blocks have been auctioned in the fourth round. According to the statement, the mines ministry has completed the e-auction of another two mineral blocks under tranche IV. "This is in addition to the announcement on November 7, 2024, regarding the preferred bidders for eight mineral blocks under tranche IV of e-auction by central government, bringing the total number of successful blocks in Tranche IV to ten," it said. In the latest auction, Satguru Mining Pvt Ltd won the bid for Ponchi graphite block in Jharkhand, while Assam Mineral Development Corp Ltd emerged as the preferred bidder f

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

India need to secure long-term critical mineral supply sources: CareEdge

With India having limited resources of lithium, cobalt, nickel and other critical minerals, domestic players need to secure long-term supply from countries having sizable reserves and focus on battery reuse and recycling, ratings agency CareEdge said on Wednesday. This would provide environmental benefits and reduce price and supply risk associated with imports of these minerals, CareEdge said. India has set an ambitious target to meet 50 per cent of its primary energy requirement from renewable energy sources by 2030 (as a percentage of annual sales). To achieve this, India needs significant penetration of electric vehicles (EVs) as well as grid level energy storage capacity, the ratings agency said, and this envisaged transition would significantly increase India's need for advanced chemistry batteries, particularly lithium-ion (Li-ion) batteries, due to the limitations of traditional batteries like lead-acid and nickel-metal hydride batteries. "The demand for lithium-ion battery

Mines ministry, IEA sign pact for cooperation in critical mineral sector

The mines ministry on Wednesday entered into a pact with the International Energy Agency (IEA) for cooperation in the area of critical minerals. The Cabinet had earlier this month approved the proposal of signing the memorandum of understanding (MoU) between IEA and the mines ministry. The present association would provide India with access to reliable data, analysis, and policy recommendations in the critical mineral sector. The IEA is an international organisation within the framework of the Organisation for Economic Co-operation and Development (OECD). "This collaboration would enable India to streamline its policies, regulations, and investment strategies in the critical mineral sector, aligning them with global standards and best practices," the mines ministry said in a statement. The agreement would also promote capacity building and knowledge exchange between India and the IEA member states, it said, adding that the collaboration on data collection, modelling, and analysis

Mineral Resources' MD Ellison to step down after probe on tax evasion

The board also revealed the company had been paying rent for properties which belonged to the billionaire along with rent-related benefits to the founder's daughter

India remains highly dependent on imports of critical minerals, says report

India remains highly dependent on imports for minerals critical to accelerating its energy transition, with a full reliance on shipping in lithium, cobalt and nickel, according to a report released Monday. The report, published by the Institute for Energy Economics and Financial Analysis (IEEFA), said that India's demand for critical minerals is expected to more than double by 2030, while domestic mining operations may take over a decade to start producing. It stresses that India needs a carefully crafted import strategy to mitigate potential trade risks while balancing international relationships to secure these essential minerals. IEEFA's report examines five critical minerals (and their compounds) cobalt, copper, graphite, lithium and nickel from the perspectives of import dependency, trade dynamics, domestic availability, and global price fluctuations. The findings show that India remains largely import-dependent for these minerals and their compounds, with 100 per cent impor

EU set to choose company for critical minerals joint buying platform

EU's rationale for pooling together buying orders is that it would hand participants more leverage to achieve more favourable deals and prices for critical minerals essential for the green transition

India seeks binding critical minerals pact with US to boost manufacturing

India pushes for a binding critical minerals pact amid discussions to restructure the India-US CEO Forum

Rajasthan to launch new mineral policy to boost revenue, streamline mining

The policy will be unveiled before the "Rising Rajasthan" summit in December based on stakeholder input

SC junks pleas against verdict allowing states to levy tax on minerals

The Centre in September had said there were several 'errors apparent in the judgment', and sought a review of the judgement of nine-judge bench

India, US may sign pact on critical minerals to bolster trade ties

The initial pact on critical minerals would help build supply chains, exchange technical know-how, and promote collaboration between Indian and American businesses in the sector

India joins US-led security finance network to secure critical minerals

The Minerals Security Finance Network seeks to promote collaboration between the Indo-Pacific region and Europe, ensuring a secure, sustainable, and diversified supply of critical minerals

Rajasthan govt to launch new mineral policy to attract investment

The total revenue from minerals in Rajasthan was estimated at over Rs 7,460 crore in FY24

India set to kick off its first offshore mineral auction: Mines Secretary

He encouraged the industry to study the exploration reports of these blocks and bring in interested domestic and international players

Bihar govt expecting Rs 5,000 cr revenue from mineral block auction

The Bihar government is expecting an earning of around Rs 5,000 crore from the auction of mineral blocks in Rohtas, Gaya and Jamui, a senior official said on Wednesday. Blocks of glauconite in Rohtas and rocks containing chromite (Cr), nickel (Ni) and platinum group of elements (PGE) in Gaya have been recently auctioned, he said. "Three more mineral blocks in Rohtas and Jamui will be auctioned by the state government in October. The government is expected to earn Rs 5,000 crore from the auction of these blocks, including those auctioned recently," Mines and Geology Department Additional Chief Secretary Mihir Kumar Singh said. In a bid to effectively monitor mining activities and take stringent action against those indulging in illegal practices in the sector, the department has requested the authorities concerned to grant magisterial power to mining officers and inspectors, he said. "If our officers are granted magisterial power, the department will work more independently and ...

UAE joins final UN SG's Critical Energy Transition Minerals panel in Kenya

During last meeting, panel members stressed importance of forming stronger foundations, focusing on international cooperation to achieve mutual and collective benefits with respect to mining industry

Centre to offer financial support to boost critical minerals sector growth

The focus of this initiative is to help find ways to develop extraction technology and better methods of beneficiation

India, UK explore green technology for recycling critical minerals

This initiative is designed to enhance the sustainability of critical mineral supply chains from exploration, mining, smelting, processing, and recycling

Critical minerals emerged as drivers of modern economy: Coal minister

Coal and mines minister G Kishan Reddy on Thursday said that critical minerals have emerged as drivers of the modern economy and the Centre has ensured the country taps into this global opportunity through the launch of the National Critical Mineral Mission. Union Budget 2024-25 has proposed launching Critical Mineral Mission for domestic production, recycling of critical minerals, and overseas acquisition of critical mineral assets. Its mandate will include technology development, skilled workforce, extended producer responsibility framework, and a suitable financing mechanism. Addressing the national seminar on challenges and opportunities in the mines and minerals sector organised by the Mining, Geological, Metallurgical Institute of India, Reddy said that the government has brought about a paradigm change in the coal and minerals sector, making it transparent and competitive. He elaborated on the government's extensive efforts over the past decade to harness this potential throu

Refund of mineral royalties could cost Rs 70k-80k crore: Centre to SC

On July 25, a nine-judge constitution bench ruled that the power to tax mineral rights lies with the states and that royalty paid on minerals is not a tax.