Ministry of Mines to Launch the Fourth Tranche of Auction of Critical and Strategic Minerals

Ministry of Mines to Launch the Fourth Tranche of Auction of Critical and Strategic Minerals

Union Minister of Coal and Mines, Shri G. Kishan Reddy, and Minister of State for Coal and Mines, Shri Satish Chandra Dubey, will launch the 4th tranche of the critical and strategic mineral blocks auction on June 24th, 2024. The launch will take place at a program to be held at the Scope Convention Centre, CGO Complex, New Delhi.

Critical Minerals play a pivotal role in the country's economic development and mineral security. Their scarcity or reliance on a few nations for extraction and processing could pose significant vulnerabilities to our supply chains.

In 2023, the Mines and Minerals Development and Regulation (MMDR) Act was amended to grant the Central Government the power to issue mineral concession for 24 critical and strategic minerals.

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So far, the Central Government has launched 3 tranche auction of 38 critical and strategic mineral blocks located across 14 States and Union Territory. During the event preferred bidders of the 1st Tranche launched on 29th November, 2023 will be declared.

The occasion will also include the handing over of certificates to 02 Notified Private Exploration Agencies (NPEAs).  Further, to increase the efficiency in the 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. A scheme for partial reimbursement of exploration expenses by license holders will also be announced.

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