NEW DELHI: The government on Thursday announced the launch of the second part of its critical minerals auction worth an estimated Rs 30 lakh crore (about $362 billion), the country’s mines minister Pralhad Joshi said on Thursday.
A total of 18 blocks of critical and strategic minerals, including graphite, tungsten, vanadium, cobalt and nickel, among others, will be auctioned across eight states across the country.
These mineral blocks are spread across eight States, namely Andhra Pradesh, Arunachal Pradesh, Chhattisgarh, Karnataka, Madhya Pradesh, Maharashtra, Rajasthan, and Tamil Nadu.
Meanwhile, the Union Cabinet, chaired by Prime Minister Narendra Modi, approved amendments to the Mines and Minerals (Development and Regulation) Act, 1957 (MMDR Act). This action streamlines the mining process for 12 crucial minerals, paving the way for their first-ever auction in the country.
The amendment specifies royalty rates for Beryllium, Cadmium, Cobalt, Gallium, Indium, Rhenium, Selenium, Tantalum, Tellurium, Titanium, Tungsten, and Vanadium. This completes the rationalization of royalty rates for all 24 critical and strategic minerals identified by the government. Previously, rates were established for 11 minerals in 2022 and 2023.