MINERAL BLOCKS
Only a third of critical mineral blocks find buyers
A company which offers to share the highest percentage of its revenue earned through sale of extracted minerals with the state governments - called the auction premium - wins the bid.
Maiki South Mining secures India's first Lithium and REE blocks of Chhattisgarh with FPO of 76.05%
On Monday, Union Minister G Kishan Reddy granted the first Lithium block, Katghora, and the Rare Earth Element (REE) Block of Chhattisgarh to Maiki South Mining Private Limited, with a Final Percentage Ownership (FPO) of 76.05%. India currently depends significantly on imports to fulfill its demand for crucial minerals such as Lithium, Niobium, and Rare Earth Elements (REE). These minerals are essential for emerging technologies like electric vehicles, pharmaceuticals, and defense manufacturing.
India cancels 14 out of 18 critical mineral block auctions launched in second tranche, notice shows
India has canceled the auction for 14 critical mineral blocks, part of a $362 billion initiative launched in February to promote clean energy transition. The cancellation was due to lack of bids received for blocks containing minerals like vanadium, graphite, and cobalt.
Govt to launch fourth tranche of auction for critical and strategic mineral blocks on Monday
The Ministry of Mines will launch the 4th tranche of auctions for critical and strategic mineral blocks on Monday in New Delhi. Union Minister G Kishan Reddy and Minister of State Satish Chandra Dubey will inaugurate the event. The launch follows amendments to the MMDR Act, allowing the Central Government to issue mineral concessions for 24 critical minerals. The event will announce the preferred bidders of the 1st tranche, present certificates to Notified Private Exploration Agencies, and introduce a scheme for partial reimbursement of exploration expenses.
First critical mineral block auctions winners to be announced on Monday
The winners of six critical mineral blocks, including the highly contested Katghora block, will be announced on Monday. Among them is India's first lithium and rare earth element (REE) mine. The first round of auctions, launched on November 23 last year with 20 mines, saw bids for phosphorite, fertiliser minerals, and more. The lithium block in Chhattisgarh received significant attention with over 10 bids, while graphite mines attracted 4-5 bidders per block.
Coal India exploring lithium assets in Argentina with U.S. company
Coal India Ltd, in collaboration with a U.S. firm, is exploring lithium blocks in Argentina to secure battery material supplies under the U.S.-led Minerals Security Partnership. This initiative aims to diversify critical minerals supply chains and reduce dependency on China, with preliminary studies currently underway.
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Centre asks Telangana govt to auction at least six mineral blocks by Jun 30
The mines ministry has criticized Telangana for not auctioning any mineral blocks in the past nine years and urged the state to initiate auctions for at least six mines by month's end. Despite reminders, Telangana hasn't auctioned any of the eleven blocks provided, prompting the ministry to warn of initiating the auction process itself.
Hindalco in process of bidding for two nickel, cobalt mines in Maharashtra, Karnataka: MD
Key minerals like copper, lithium, nickel, cobalt, and rare earth elements are crucial elements in numerous rapidly expanding clean energy technologies, ranging from wind turbines and electrical grids to electric vehicles.
India in talks with Sri Lanka to acquire graphite mine block
Sri Lankan graphite is considered among the purest in the world with more than 98% carbon content, said officials. India has also been in talks with other countries for procuring other critical minerals. "Agreements have been signed with the Democratic Republic of the Congo for cobalt and copper, Tanzania for niobium and graphite and South Africa for graphite and titanium," another official said.
No benefits likely from 38 critical blocks put on sale in this decade: Icra
Icra reported that benefits from the 38 critical mineral blocks on sale may not materialize by 2030 due to incomplete exploration. India's downstream manufacturing could face supply shocks. The government is auctioning lithium blocks in J&K and Chhattisgarh, with challenges in extracting lithium from clay deposits. Overseas acquisitions are also being considered.
Coal India, NMDC, OVL look to secure critical mineral assets abroad
CIL, NMDC, OVL, and KABIL are collaborating to secure critical minerals overseas, focusing on lithium for EV batteries. India defines 30 critical minerals to meet energy transition goals for various sectors.
Coal India, NMDC exploring lithium mines overseas
State-run miners Coal India and NMDC are venturing into lithium mines in Chile and Australia, aiming to secure critical minerals. India's Mines Ministry encourages state-owned firms like ONGC Videsh to explore overseas. Delegations will visit Zambia and Congo for joint exploration. India eyes trade pacts for access to critical minerals globally, including with Chile and Mongolia.
Hindustan Zinc, Jindal Power, JK Cement in race with others for two gold mines in Rajasthan
Vedanta group's Hindustan Zinc, Jindal Power, and JK Cement are technically qualified bidders for two gold mines in Rajasthan. Companies like Ramgad Minerals, Hirakund Natural Resources, and Poddar Diamond are also in the running. The auction, initiated in March, will conclude this week, paving the way for full-scale production at Andhra Pradesh's first private gold mine by 2024. Deccan Gold Mines aims to produce 750 kilograms of gold annually from the Jonnagiri gold project, currently generating one kilogram per month.
India considers incentives for lithium processing
India is contemplating providing incentives to private companies to establish lithium processing facilities in an effort to develop its lithium mining sector and bolster the supply of the EV battery metal. Under a new critical minerals policy being formulated by the mines ministry, incentives would be offered to companies to set up lithium processing plants, covering aspects from exploration to mining to value addition. While the exact form of incentives is yet to be determined, the government aims to draw inspiration from countries like Australia and Canada.
Exploring the long-term implications of the 2024 Bitcoin Halving on anticipated market shifts
At a basic level, Bitcoin halving is part of the Bitcoin blockchain’s protocol and serves as a mechanism for regulating supply. It is programmed to occur approximately every four years or after the creation of 210,000 blocks and consists of a reduction in the block reward granted to miners.
New policy to promote critical minerals in works: Mines Secy
India relies heavily on imports for meeting its requirement for critical minerals such as lithium, niobium and rare earth elements. These minerals find application in new-age technologies such as those used in electric vehicles. pharmaceuticals and defence manufacturing. Mineral mining in the country is currently governed by the Mines and Minerals (Development and Regulation) Act. Since critical minerals require more expertise and have traditionally not been explored or extracted in the country, the government is of the view that an enhanced support framework is required to encourage it, according to officials.
India will become leader in offshore mining: Official
Mines Secretary V L Kantha Rao in his address on Monday had said that the auction of offshore mines will begin in three months' time. The Offshore Areas Mineral (Development and Regulation) Act, 2002 has been amended to provide an auction route for awarding production leases for offshore minerals.
Mines Ministry inks MoU with Shakti Sustainable Energy Foundation for knowledge support on critical minerals
The MoU was signed on the sidelines of the two-day 'Critical Minerals Summit: Enhancing Beneficiation and Processing Capabilities' event that commenced at the India Habitat Centre, New Delhi on Monday.
Around 20 critical mineral blocks to be put on sale by June-end: Mines Secretary
The Indian government plans to auction around 20 critical mineral blocks by June end to meet growing demand for minerals like copper, lithium, and nickel in clean energy technologies. Over 100 blocks are available for auction due to increased exploration efforts. The ministry aims to start offshore mine auctions in three months.
Vedanta commences mining in Goa's Bicholim block
Vedanta initiates mining operations at the Bicholim mineral block in Goa, marking the resumption of mining after a hiatus since the Supreme Court's lease cancellations in 2018. The move signals a collaborative effort between Vedanta and Goa, aiming for progress, prosperity, and community welfare through increased revenue share.
Centre annuls auction of 13 critical mineral blocks
"It has been decided to return the bid security to bidders for 11 mineral blocks that got less than three bids each," an official aware of the development said. These blocks which received poor response hold glauconite, nickel, chromium and platinum group elements, potash, nickel and copper, molybdenum ore, graphite, and lithium, titanium and bauxite (aluminous laterite). They are spread across Bihar, Jharkhand, Odisha, Tamil Nadu, Uttar Pradesh, and J&K.
India looking at Africa for critical minerals, says mines secretary
India is exploring Africa for minerals like cobalt and engaging with Australia for lithium blocks. V L Kantha Rao, Mines Secretary, highlighted the country's interest in Zambia, Namibia, Congo, Ghana, and Mozambique for critical minerals. The rules for auctioning offshore mineral blocks are being prepared, with 10 blocks set for sale after the elections. The first round of auction for critical minerals will soon conclude, while a lithium block in Jammu and Kashmir will be auctioned in the third tranche due to low bids.
JSW Group interested in acquiring critical mineral blocks: Chairman Sajjan Jindal
JSW Group, led by Chairman Sajjan Jindal, eyes mining auction for critical minerals & offshore minerals auctions. Rs 40,000 crore EV manufacturing facility deal with Odisha. Focus on new energy vehicles integration.
Seven critical mineral blocks up for re-bids
"Blocks which are notified under this tranche are those blocks which have received less than three bids in first tranche," an official statement calling this the third round of bids said. The seven blocks being put up for reauction are under composite license regime which requires further exploration before extraction operations.
Karnataka, Rajasthan begin auction of exploration licences for critical minerals
Karnataka and Rajasthan have initiated the auction of Exploration Licence (EL) for critical and deep-seated minerals. The move, the first of its kind in India, aims to explore difficult-to-mine minerals like Cobalt, Lithium, Nickel, Gold, Silver, and Copper. The Mines and Minerals (Development and Regulation) Act, 1957, was amended in September 2023 to introduce new mineral concessions for 29 critical minerals.
As many as 76 mineral blocks auctioned in 2023: Govt
The government announced the auctioning of 76 mineral blocks in 2023, with 30 for mining lease and 46 as composite licenses. Madhya Pradesh and Rajasthan led in block auctions. Iron Ore and limestone were among the highest auctioned minerals this year.
Mines ministry identifies some offshore blocks for exploration
The mines ministry has identified offshore blocks within India's exclusive economic zone for granting operational rights, following amendments to the Offshore Areas Mineral (Development & Regulation) Act (OAMDR) in August. The ministry has sought comments from relevant departments to prevent overlapping with other projects.
Critical mineral, offshore mineral blocks set for auction in 2024
In a strategic move, India is set to auction critical and offshore mineral blocks, along with issuing exploration licenses in 2024, aiming to revive the mining sector and spur economic growth. Mines Minister Pralhad Joshi disclosed plans for regular critical mineral auctions, aligning with the government's focus on self-reliance.
Bids for another 100 critical mineral blocks in February 2024: Mines Minister Pralhad Joshi
The Indian government plans to call bids for an additional 100 critical mineral blocks in February 2024, as part of the second round of auctions, according to Mines Minister Pralhad Joshi. Bids have already been invited for 20 critical mineral-bearing blocks. India recently identified 24 minerals as strategic and critical for the country, including graphite, molybdenum, lithium, and platinum group elements.
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