New Delhi, The government has canceled the auction of 14 important mineral blocks offered in the second round of auction.
In February, the Mines Ministry had put up 18 mines of critical and strategic minerals for sale in the second tranche.
According to a recent notice from the mines ministry posted on the MSTC website, no bids were received in case of five of the 14 blocks.
Since no bids were received, the auction process for these five mineral blocks has been cancelled. Five blocks are located in Arunachal Pradesh, Maharashtra and Rajasthan.
In the case of the remaining nine blocks, the bids received were less than the minimum requirement of three. These nine blocks are located in Andhra Pradesh, Arunachal Pradesh, Chhattisgarh, Karnataka, Maharashtra and Tamil Nadu.
Vital minerals are the foundation of contemporary industrial economies and are vital components of technological progress. The global economy will depend on technologies dependent on minerals such as lithium, graphite, cobalt, titanium, rare earth elements, etc.
Their shortage or dependence on certain countries for extraction and processing could create significant vulnerabilities for India's supply chains.
The Mines and Minerals (Development and Regulation) Act, 1957 (MMDR Act) was amended last year under which the Center was given the power to grant mineral concessions of 24 critical and strategic minerals.
The government had earlier also canceled the auction of 13 of the 20 critical mineral blocks put up for sale in the first tranche due to poor response.
Of the 20 blocks on offer, 56 physical bids and 56 online bids were received for 18 blocks.
In February, the Mines Ministry had put up 18 mines of critical and strategic minerals for sale in the second tranche.
According to a recent notice from the mines ministry posted on the MSTC website, no bids were received in case of five of the 14 blocks.
Since no bids were received, the auction process for these five mineral blocks has been cancelled. Five blocks are located in Arunachal Pradesh, Maharashtra and Rajasthan.
In the case of the remaining nine blocks, the bids received were less than the minimum requirement of three. These nine blocks are located in Andhra Pradesh, Arunachal Pradesh, Chhattisgarh, Karnataka, Maharashtra and Tamil Nadu.
Vital minerals are the foundation of contemporary industrial economies and are vital components of technological progress. The global economy will depend on technologies dependent on minerals such as lithium, graphite, cobalt, titanium, rare earth elements, etc.
Their shortage or dependence on certain countries for extraction and processing could create significant vulnerabilities for India's supply chains.
The Mines and Minerals (Development and Regulation) Act, 1957 (MMDR Act) was amended last year under which the Center was given the power to grant mineral concessions of 24 critical and strategic minerals.
The government had earlier also canceled the auction of 13 of the 20 critical mineral blocks put up for sale in the first tranche due to poor response.
Of the 20 blocks on offer, 56 physical bids and 56 online bids were received for 18 blocks.
