Govt to launch 4th tranche of auction of critical & strategic minerals

Ministry of Mines will launch the 4th tranche of the auction of critical and strategic mineral blocks on June 24
Govt to launch 4th tranche of auction of critical & strategic minerals
Govt to launch 4th tranche of auction of critical & strategic minerals

New Delhi: Union Minister of Coal and Mines G Kishan Reddy and Minister of State for Coal and Mines Satish Chandra Dubey will launch the 4th tranche of the auction of critical and strategic mineral blocks on June 24 at a programme to be held at SCOPE Convention Centre, CGO Complex, New Delhi.

PSU Watch is now on Whatsapp Channels. Click here to join

The critical minerals play a pivotal role for both economic development and mineral security of the country. Their scarcity or reliance on a few nations for extraction and processing could pose significant vulnerabilities to our supply chains. In light of the same, mines and minerals development and regulation (MMDR) Act was amended in 2023 whereunder the Central Government was conferred the power to grant mineral concession of 24 critical and strategic minerals.

So far, the Central Government has launched three tranches auction of 38 critical and strategic mineral blocks located across 14 States and Union Territory. During the event preferred bidders of 1st tranche launched on November 29, 2023 will be declared.

Govt to launch 4th tranche of auction of critical & strategic minerals
G Kishan Reddy launches 10th tranche of commercial coal block auction

The occasion will also include handing over of certificates to 2 Notified Private Exploration Agencies (NPEAs). Further, to increase the efficiency in extraction of mineral resources and in its conversion into viable economic alloys and metals, sanction letters of grant will be handed over to Start-ups and R&D institutes. A scheme for partial reimbursement of exploration expenses by exploration licence holders will also be announced.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)

logo
PSU Watch
psuwatch.com