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At a programme to be held at the Scope Convention Centre, CGO Complex, New Delhi, on June 24, 2024, Union Minister of Coal and Mines G Kishan Reddy and Minister of State for Coal and Mines Satish Chandra Dubey will start the fourth round of the auction of critical and strategic mineral blocks.
The country's economic growth and mineral security are crucially dependent on critical minerals. Their scarcity or reliance on a few nations for extraction and processing could pose significant vulnerabilities to our supply chains.
In light of the same, Mines and Minerals Development and Regulation (MMDR) Act was amended in 2023 whereunder the Central Government was conferred the power to grant mineral concession of 24 critical and strategic minerals.
Till now, the central government has launched 3 tranches auction of 38 critical and strategic mineral blocks situated across 14 states and Union Territory. During the event preferred bidders of 1st Tranche launched on 29 November, 2023 will be declared.
The occasion will also include handing over of certificates to 02 Notified Private Exploration Agencies (NPEAs). Further, to increase the efficiency in extraction of mineral resources and in its conversion into viable economic alloys and metals, sanction letters of grant will be handed over to Start-ups and R&D institutes.
Scheme for partial reimbursement of exploration expenses by exploration licence holders will also be announced.
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