New Delhi, June 23 (IANS) India has successfully achieved 56 auctions of critical and strategic mineral blocks, marking a significant step towards strengthening domestic mineral supply chains and advancing India’s critical mineral mission, the government said on Tuesday.

The Ministry of Mines successfully auctioned 10 critical and strategic mineral blocks under the seventh tranche conducted by the Central Government, taking the total number of successfully auctioned critical and strategic mineral blocks to 56.

This represents a successful auction rate of over 63 per cent, with 56 blocks auctioned out of 88 unique mineral blocks taken up for auction by the Central Government.

The seventh tranche marked a significant expansion of India’s critical mineral exploration landscape, with critical mineral blocks auctioned for the first time in Gujarat, Uttarakhand and Telangana by the Central Government.

The tranche included minerals such as Graphite, Rare Earth Elements (REE), Vanadium, Titanium, Glauconite, Rock Phosphate and associated minerals, further widening the geographical reach of critical mineral exploration in the country, according to the ministry.

The seventh tranche of auctions offered 19 mineral blocks comprising critical and strategic minerals. The auction was conducted under the provisions of the Mines and Minerals (Development and Regulation) Act, 1957 and the Mineral (Auction) Rules, 2015, as amended from time to time.

Alongside critical mineral auctions, the Ministry successfully completed the Second Tranche of Exploration Licence (EL) auctions, further strengthening India’s exploration ecosystem.

The second tranche marked the expansion of the Exploration Licence framework to Arunachal Pradesh, Uttar Pradesh and Odisha for the first time by the Central Government, opening new opportunities for exploration of critical and deep-seated minerals, it informed.

With the successful completion of the second tranche, the cumulative number of Exploration Licence blocks successfully auctioned by the Central Government has reached 11 since the introduction of the EL auction regime.

The Exploration Licence framework enables systematic exploration of critical and deep-seated minerals by facilitating participation from private and public sector entities.

–IANS

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