India Launches Second Phase of Critical Minerals Auction Worth $362 Billion! 🚀
1️⃣ India is taking a significant leap towards securing its mineral resources for the future! Respected Pralhad Joshi, the Mines Minister, announced the commencement of the second phase of critical minerals auction, valued at a staggering 30 trillion rupees (approximately $362 billion) on Thursday.
2️⃣ This auction encompasses 18 crucial mineral blocks, comprising sought-after resources like tungsten, vanadium, cobalt, and nickel, spread across eight states including Chhattisgarh, Madhya Pradesh, Karnataka, Maharashtra, and Rajasthan.
3️⃣ Diverse opportunities await as seventeen blocks are up for grabs under a composite license, facilitating both examination and subsequent mining activities, while one block is exclusively designated for a mining lease.
4️⃣ Furthermore, five states are gearing up to auction exploration licenses for critical minerals independently, fostering a robust environment for resource exploration and development.
5️⃣ In the first round of auctions initiated last November, the response was overwhelming, with 56 bids received from esteemed entities such as Vedanta Ltd, Coal India, Shree Cement, Ola Electric, Dalmia Group, and Jindal Power.
6️⃣ The anticipation builds as the second round of bidding for the initial tranche of auctions is scheduled for mid-March, with the bid winner set to be announced by mid-April.
7️⃣ On another note, Joshi reassured the nation about the coal supply, stating that there will be no shortage this year. This affirmation follows Coal India's recent adjustment of its annual production target for the fiscal year 2025, reflecting adequate stockpiles.
▶ India's stride towards mineral security and sustainable resource management marks a pivotal moment in its economic trajectory.
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Reuters
Reuters News Agency
Sizer Metals Pte Ltd
Sizer Metals Pvt. Ltd.
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1wInteresting event CTC IMPEX (INDIA) PVT. LTD.