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The Ministry of Mines conducted the third round of internet auctions for seven important mineral blocks on March 14, 2024. The auction is conducted in accordance with sub-rules 10 and 11(b) of rule 9 of the Mineral (Auction) Rules, 2015, after these blocks received fewer than three offers in the first attempt.
The Centre stated on Thursday that seven strategic mineral blocks that generated modest interest in the first round of auctions will be rebiddable. Critical minerals including glauconite, graphite, nickel, platinum group elements (PGE), potash, lithium, and titanium are present in the blocks up for reauction, according to an official statement.
These seven blocks are located in the Union Territory of Jammu and Kashmir as well as the states of Bihar, Jharkhand, Tamil Nadu, and Uttar Pradesh. "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 up for reauction are subject to a composite licence regime that requires additional investigation before extraction operations begin. The Centre has auctioned 38 critical and strategic mineral-bearing blocks in two rounds to date.
Interested parties can access the sale of tender documents starting March 20, 2024, with the purchase window closing on May 9, 2024, as per the notice on the MSTC e-auction portal and the Ministry’s website. Bids must be submitted by May 14, 2024. The auction will be conducted online in a transparent, two-stage ascending forward auction process. The selection of the eligible bidder will be brd on "the highest percentage of the value of mineral dispatched" as stated by the Ministry.
The government is committed to bring more blocks of critical mineral blocks to auction in a phased manner.
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