Centre to launch first ever critical mineral auction on November 29: Key things to know
As many as 20 blocks of the minerals spread across the length and breadth of the country, crucial for the growth of strategic areas such as renewable energy, defence, agriculture, pharmaceuticals, high-tech electronics, telecommunications and transport, will be up for grabs under the first-of-its-kind auction, the mines ministry said.
The Union government will roll out the first-ever auction of critical and strategic minerals on November 29, the mines ministry said on Tuesday. As many as 20 blocks of the minerals spread across the length and breadth of the country, crucial for the growth of strategic areas such as renewable energy, defence, agriculture, pharmaceuticals, high-tech electronics, telecommunications and transport, will be up for grabs under the first-of-its-kind auction, according to an official statement.
Describing the proposed auction process as a major initiative towards the country’s energy transition efforts, the mines ministry said the “landmark initiative” will boost the economy, enhance national security and support the transition to a clean energy future. “The lack of availability of these minerals or concentration of their extraction or processing in a few countries may lead to supply chain vulnerabilities,” it said.
Here are five key things to know about the development:
- The auction will be through a transparent, two-stage online process, wherein the eligible bidder will be selected based on the highest percentage of the value of the mineral despatch quoted by them, it said.
- Union Minister of Coal, Mines and Parliamentary Affairs Pralhad Joshi will be launching the critical minerals auction process.
- The sale of tender documents will start on November 29. Details such as the mineral blocks, auction terms and timelines will be available on the MSTC auction platform from 6 pm on the same day, the ministry said.
- The future global economy will be underpinned by technologies that depend on minerals such as lithium, graphite, cobalt, titanium and rare earth elements (REE).
India, which meets its requirement of critical and strategy minerals through imports, aims to take its cumulative electric power installed capacity from non-fossil sources to 50 per cent by 2030.
Meanwhile, the ministry is preparing a strategy for recycling metals and will also work with partner countries to co-develop mineral processing and raw material manufacturing capabilities.
With inputs from agencies
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
PM Modi has invested in this post office scheme; know his total worth as per Lok Sabha elections 2024 affidavit
SRH vs GT IPL 2024 Ticket Booking Online: Where and how to buy SRH vs GT tickets online - Check IPL Match 66 ticket price, other details
Top 7 SWP Mutual Funds: Rs 50 lakh investment, Rs 70K monthly pension for 10 years, and Rs 42.30 lakh balance value; know more details
Gold and Silver rate today (May 13, 2024): Precious metal under pressure; yellow metal near Rs 72,400, white metal above Rs 84,600
SIP Returns: How Rs 3,000, 5,000, and Rs 10,000 SIPs can help you build retirement corpus of Rs 1.06 cr, Rs 1.77 cr, and Rs 3.53 cr
TBO Tek IPO Listing LIVE Update: Bumper Debut! Share list at 55% premium - Buy, sell or hold? Check Anil Singhvi's view
06:28 PM IST