'Rethink auction, fast-track exploration'

"THE RECENT GEOPOLITICAL developments with China curbing exports of magnets raises the urgency for India to explore its extensive CM reserves.

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This includes fast-tracking exploration and licensing deals in India for private and public entities while creating new avenues in overseas markets," Misra added. Industry circles feel that the first-ever auction of exploration licences for 13 critical mineral blocks along with artificial intelligence (AI)-enabled targeting is a pragmatic move.

High costs and "frequent changes" in government policy have also deterred major domestic and international mining giants from entering the Indian market, another source said. One prominent instance was the aborted auction of a lithium block in Jammu & Kashmir's Reasi district. The ministry of mines had to tell the Geological Survey of India (GSI) to conduct a re-exploration of the 5.9-million tonne asset, after repeated setbacks to the efforts to put the reserves up for auction again.