Government to announce bidders for first round of strategic mineral blocks auction on June 24

The government will announce the successful bidders for the first auction of strategic mineral blocks on Monday, as Union ministers launch the fourth round of these crucial mineral auctions.

The government will announce the names of the successful bidders for the first round of critical and strategic mineral blocks auction on June 24.

According to a statement from the mines ministry, the announcement will be made during the launch of the fourth round of auction for these crucial minerals, reported news agency PTI.

Union Minister of Coal and Mines, G Kishan Reddy, and Minister of State for Coal and Mines, Satish Chandra Dubey, will be present at the event to initiate the fourth round of the auction, the report added.

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As per the report, the government received 56 physical bids and 56 online bids for 18 out of the 20 blocks offered during the first tranche of the auction, which began on November 29, 2023. However, the auction for 13 of the 20 blocks was canceled due to a lukewarm response. Seven of these canceled blocks have been re-notified for auction in the third round.

In total, the government has launched three rounds of auction for 38 critical and strategic mineral blocks across 14 states and union territories. The second round, which included six blocks, was completed as planned.

Critical minerals are essential for economic development and mineral security in the country. Their scarcity or dependence on a limited number of countries for extraction and processing can lead to significant supply chain vulnerabilities. To address this, the Mines and Minerals Development and Regulation (MMDR) Act was amended in 2023, granting the Centre the authority to grant mineral concessions for 24 critical and strategic minerals.

This move aims to ensure a stable supply of these vital resources, supporting India's economic growth and reducing reliance on foreign sources.

With PTI inputs