Union Minister of Coal and Mines, Shri G. Kishan Reddy, and Minister of State for Coal and Mines, Shri Satish Chandra Dubey, are set to launch the fourth tranche of auction for critical and strategic mineral blocks on June 24, 2024. The event will take place at the Scope Convention Centre, CGO Complex, New Delhi.
Critical minerals are essential for both economic development and the mineral security of the country. Their scarcity or dependence on a limited number of countries for extraction and processing can create significant vulnerabilities in our supply chains. To address this issue, the Mines and Minerals Development and Regulation (MMDR) Act was amended in 2023, granting the Central Government the authority to provide mineral concessions for 24 critical and strategic minerals.
To date, the Central Government has initiated three tranches of auctions for 38 critical and strategic mineral blocks located across 14 States and Union Territories. During the upcoming event, the preferred bidders of the first tranche, launched on November 29, 2023, will be announced.
Additionally, the occasion will feature the presentation of certificates to two Notified Private Exploration Agencies (NPEAs). To enhance the efficiency of mineral resource extraction and its conversion into economically viable alloys and metals, sanction letters for grants will be handed over to start-ups and R&D institutes. Furthermore, a scheme for the partial reimbursement of exploration expenses for exploration license holders will be unveiled.
