Maiki South Mining secures India's first Lithium and REE blocks of Chhattisgarh with FPO of 76.05%

Breaking News

Govt Enforces ‘Melt and Pour’ Rule for All Steel in Public Projects Nippon Steel expected to finalize U.S. Steel acquisition at $55 per share NMDC Limited reports a 38% drop in Q4 FY24 consolidated net profit RINL to Raise $23 Million Through Land Sales Amid Crisis

Maiki South Mining secures India's first Lithium and REE blocks of Chhattisgarh with FPO of 76.05%

Notification 25 Jun 2024 04:31 PM IST Economic Times

Union Minister G Kishan Reddy awarded Maiki South Mining Private Limited the country's first lithium block, Katghora, and the Chhattisgarh Rare Earth Element (REE) Block with an FPO of 76.05% on Monday during the 4th Tranche of Critical Minerals Auction. India relies significantly on imports to meet its essential mineral requirements, such as lithium, niobium, and rare earth elements (REE). These minerals are used in modern technology, such as electric cars, pharmaceuticals, and defence equipment.

India discovered its first lithium resources in Jammu and Kashmir in February last year, with reserves estimated at 5.9 million tonnes (MT). In July 2023, India revised its mining regulations and permitted private miners to enter the area to search for resources.

The Union Minister for Coal and Mines formally launched the 4th Tranche e-auction of Critical Mineral. In this tranche, 21 critical mineral blocks will be auctioned. Of these blocks, 11 are fresh blocks in states, including Arunachal Pradesh, Jharkhand, and Karnataka. Speaking at the event, Union Minister Reddy said the 2015 reforms in the mining and mineral sector are showing benefits. He also assured that there will be reform in the mining sector every 15 days.

The government received 56 physical and 56 online bids for 18 of the 20 blocks offered during the first tranche of the auction, which began on November 29, 2023. However, the auction for 13 of the 20 blocks was cancelled due to a lukewarm response. Seven of these cancelled blocks were re-notified for auction in the third round.

India has auctioned critical mineral blocks since November as part of efforts towards a clean energy transition. The government annulled 14 out of 18 blocks in the second tranche on Friday due to a lack of bids. India also plans to auction its first tranche of 10 offshore critical minerals blocks in the next 100 days.

Also Read : National Aluminium Company signed a mining lease agreement with Odisha govt India in talks with African and Latin American countries for critical mineral blocks: Official

Breaking News

Maiki South Mining secures India's first Lithium and REE blocks of Chhattisgarh with FPO of 76.05%

Related News

Tata Steel Nederland Launches Transformation Plan to Boost Efficiency

Tata Group and Airbus to jointly produce civil helicopters in India

JSW Group in talks with Volkswagen for EV joint venture in India

Nippon Steel Profit Drops 36%, Exceeds Expectations

Vedanta acquires two significant mining blocks in Karnataka, Bihar

Coal India aims 31 MT in underground mining in FY24, 42 MT in FY25