Govt to launch fourth tranche of auction for critical and strategic mineral blocks on Monday

New Delhi [India], June 23 (ANI): The Ministry of Mines is set to launch the 4th tranche of auctions for critical and strategic mineral blocks on Monday in the national capital.

According to a statement by the ministry, Union Minister of Coal and Mines G Kishan Reddy and Minister of State for Coal and Mines Satish Chandra Dubey will inaugurate this tranche on Monday at the Scope Convention Centre, CGO Complex, New Delhi.

The critical minerals are essential for both the economic development and mineral security of the country. Their scarcity or dependence on a limited number of nations for extraction and processing can create significant vulnerabilities in supply chains.

Last year, the government amended the Mines and Minerals Development and Regulation (MMDR) Act, granting the Central Government the authority to issue mineral concessions for 24 critical and strategic minerals.

The Central Government so far has launched three tranches, auctioning 38 critical and strategic mineral blocks across 14 States and Union Territories. During this event, the preferred bidders of the 1st tranche, which was launched on November 29, 2023, will be announced.

The event will also include the presentation of certificates to two Notified Private Exploration Agencies (NPEAs). Additionally, to enhance the efficiency of mineral resource extraction and their conversion into viable economic alloys and metals, sanction letters of grant will be awarded to start-ups and R&D institutes.

Furthermore, the ministry will also introduce a scheme for the partial reimbursement of exploration expenses for exploration licence holders during the launch event of the mineral blocks.