New Delhi [India], The Mines Ministry is set to launch the fourth tranche of auction for critical and strategic mineral blocks in the national capital on Monday.
According to a statement from 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.
Critical minerals are essential for both the economic development and mineral security of the country. Their scarcity or dependence on a limited number of countries 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, empowering the central government to issue mineral concessions for 24 critical and strategic minerals.
The Central Government has so far launched three tranches of auction of 38 critical and strategic mineral blocks in 14 states and union territories. During the event, the preferred bidders for the first tranche to be launched on November 29, 2023 will be announced.
The program will also include presentation of certificates to two Notified Private Investigation Agencies (NPEAs). Additionally, to increase the efficiency of mineral resource extraction and their conversion into viable economic alloys and metals, sanction letters of grant will be provided to start-ups and R&D institutions.
In addition, the Ministry will also introduce a scheme for partial reimbursement of exploration expenses for exploration license holders during the launch program of mineral blocks.
According to a statement from 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.
Critical minerals are essential for both the economic development and mineral security of the country. Their scarcity or dependence on a limited number of countries 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, empowering the central government to issue mineral concessions for 24 critical and strategic minerals.
The Central Government has so far launched three tranches of auction of 38 critical and strategic mineral blocks in 14 states and union territories. During the event, the preferred bidders for the first tranche to be launched on November 29, 2023 will be announced.
The program will also include presentation of certificates to two Notified Private Investigation Agencies (NPEAs). Additionally, to increase the efficiency of mineral resource extraction and their conversion into viable economic alloys and metals, sanction letters of grant will be provided to start-ups and R&D institutions.
In addition, the Ministry will also introduce a scheme for partial reimbursement of exploration expenses for exploration license holders during the launch program of mineral blocks.
