Jammu and Kashmir lithium block gets no bids in second attempt

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Jammu and Kashmir lithium block gets no bids in second attempt

Business 03 Jul 2024 04:48 PM IST Reuters

India's Jammu and Kashmir received no offers in its second effort to auction mining rights for lithium reserves discovered last year, according to a source with direct knowledge. The authorities in Jammu and Kashmir discovered the first lithium resources in February 2023, with estimated reserves of 5.9 million metric tonnes (MMT).

The block was once more put up for auction in March, with a May 14 bid deadline, following its November auctions, in which it failed to receive the requisite minimum of three bids. The source added the block would most likely be assigned to a government body for further exploration if no bids were received. As electric vehicles have focused on the need for lithium, which is used in making batteries, India has sought to secure assets overseas and domestically.

Analysts have, however, questioned the composition of the deposit in Jammu and Kashmir. In June last year, the Indian government listed 30 minerals, including lithium, nickel, titanium, vanadium, and tungsten, as critical to its quest for cleaner energy.

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Jammu and Kashmir lithium block gets no bids in second attempt

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