Govt launches 2nd tranche of critical mineral mine auction, puts 18 mineral mines on offer
Govt launches 2nd tranche of critical mineral mine auction, puts 18 mineral mines on offer

Govt launches 2nd tranche of critical mineral mine auction, puts 18 mineral mines on offer

The intention is to be Atmanirbhar in critical minerals and stop import of minerals that are available in India, said Minister for Mines Pralhad Joshi

New Delhi: “The intention is to be Atmanirbhar in critical minerals and stop import of minerals that are available in India,” said Minister for Mines Pralhad Joshi as he launched the second tranche of critical mineral mine auctions on Thursday. A total of 18 critical mineral blocks are being put up for auction in this 2nd Tranche, out of which 17 mineral blocks are put up for grant of Composite Licence and one mineral block for grant of Mining Lease. The value of these 18 mineral blocks is Rs 30 lakh crore, said the minister.

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The launch of the second tranche comes three months after the first tranche and a few hours after the Cabinet approved the royalty rates for 12 remaining critical minerals out of a list of 24 that are available in India.

Addressing on the occasion, the Union Minister stated that in the first tranche, 20 blocks were put up for auction. “We are delighted with the interest shown by the mining industry players for their encouraging response. Almost 180 tender documents have been sold so far,” said the minister.

Critical mineral blocks spread across 8 states

The blocks that are put for auction in the second tranche represents a diverse array of critical and strategic minerals essential for various industries. These minerals consisted of Tungsten, Vanadium, Graphite, Rare Earth Elements, Glauconite, Phosphorite, Nickel, Platinum Group of Minerals, Cobalt, Potash, etc. The Minister highlighted that Potash mining is starting in India, for the first time, with this launch.

The mineral blocks being put up for auction in the second tranche are spread across eight states of Andhra Pradesh , Arunachal Pradesh, Chattisgarh, Karanataka, Madhya Pradesh, Maharashtra, Rajasthan and  Tamil Nadu.

The commencement of sale of tender documents has started from Thursday itself. The last date for purchase of Tender Document is April 18, 2024, on or before 17:00 hours (Indian Standard Time) and the last date for submission of the bid is April 23, 2024, on or before 17:00 hours (Indian Standard Time). Details of the mines, auction terms, timelines etc. can be accessed on MSTC auction platform at www.mstcecommerce.com/auctionhome/mlcl/index.jsp

The auction shall be held online through a transparent two stage ascending forward auction process. The eligible bidder shall be selected based on the highest percentage of the value of mineral despatched quoted by them.

Govt launches 2nd tranche of critical mineral mine auction, puts 18 mineral mines on offer
Cabinet approves royalty rates for 12 critical minerals

During the launch event, letters of financial grants were also handed over to the start-ups in mining and mineral sector. Annual Capacity Building Plan for GSI was also released during the programme.

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