Government initiates sale of strategic minerals

The Ministry of Mines is gearing up to launch a groundbreaking initiative, set to debut India’s first-ever tranche auction of critical and strategic minerals on November 29.

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This monumental step, to be inaugurated by Union Minister Pralhad Joshi, is designed to significantly bolster India’s economic robustness, national security, and accelerate the nation’s transition towards a cleaner energy future.

The initiative will encompass the auctioning of twenty blocks strategically located across the country, targeting critical minerals essential for economic development and national security. The press release emphasizes the pivotal role these minerals, which include lithium, graphite, cobalt, titanium, and rare earth elements (REE), play in various sectors vital for India’s growth.

India’s commitment to achieve 50 percent of its electric power capacity from non-fossil sources by 2030 has intensified the demand for these critical minerals, primarily utilized in renewable energy projects, electric vehicles, and battery storage systems.