The winners of the auction for critical minerals conducted in November, could be declared next month, a report by Financial Times said quoting VL Kantha Rao, a secretary in the mines ministry.
Importantly, another 20-30 blocks will be up for auction after the completion of the ongoing Lok Sabha elections, Rao was quoted as saying in the news report. The upcoming auctions of 2024 could see bidders vie for mines of lithium, cobalt, graphite and Molybdenum, according to the FT report.
In February this year, the Central government had sought bids for 20 more blocks of critical minerals, some of which are used in technologies for solar modules, wind turbines and batteries. Centre has been pushing both PSU and private mining groups to pursue mineral reserves abroad, as well as seeking bids to develop mining blocks at home.
India has been looking to strengthen domestic supply of raw materials required to support its shift to green energy. Adequate supplies of critical minerals is essential across sectors, like renewable energy and chip manufacturing.
Aditya Birla Group flagship Hindalco Industries is among the companies that have shown interest in entering exploration and mining of critical minerals including lithium, graphite, copper and nickel. There has been a surge in the demand for electric vehicle (EV) battery materials in the Indian market. Aside of Hindalco, Coal India, Hindustan Zinc and Jindal Power are some of the major players who have shown interest in the critical mineral blocks.
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