[ad_1]
In August, there were reports of India getting preparing to start the auction process for some 100 critical mineral blocks. According to a Bloomberg report, Mines Secretary Vivek Bharadwaj had revealed that the blocks that are being prepared for auction includes nickel, lithium, cobalt and platinum, along with rare earths.
“The legal framework has been laid out and the blocks have been identified,” Bloomberg had quoted Bharadwaj as saying. The tender seeking bids is expected to be out by December and auctions may start three months later, he added.
India changed its mining rules in July in a bid to boost exploration of some critical minerals like lithium by allowing private miners to search for the materials. The reforms will be key for auctioning lithium blocks recently identified in Jammu and Kashmir, and Karnataka state.
State-run enterprises have been actively scouting the globe in search of these valuable mineral resources. Meanwhile, prominent energy giants like Coal India Ltd. and NTPC Ltd. are meticulously strategizing their foray into the mining sector to tap into these essential materials. Additionally, the establishment of Khanij Bidesh India Ltd., a joint venture involving three government-owned companies, further underscores India’s commitment to securing critical mineral assets on an international scale, with a primary focus on regions such as Australia and South America.
In September, Reuters had reported, citing sources, that the auction for Jammu and Kashmir’s lithium reserves will take place in the next few weeks.India has been exploring ways to secure supplies of lithium, a critical raw material used to make electric vehicle batteries, in February found its first lithium deposits in Jammu and Kashmir with estimated reserves of 5.9 million tonnes.”The auction will happen soon and some overseas miners have shown interest,” Reuters quoted a government official as saying. However, no official comments were made by the mines ministry on the issue.
The report also stated that KABIL, a state-owned joint venture formed to scout for minerals overseas, was in the “final stages” to secure a few lithium blocks in Argentina.
Discussions with the Chilean government were also underway to secure lithium blocks although talks were still in early stages, according to Reuters’ sources.
KABIL, short for Khanij Bidesh India Ltd, was formed in August 2019 to identify, acquire, develop and process strategic minerals overseas for use in India.
India, among the world’s top greenhouse gas emitters, has been pursuing overseas pacts to secure key minerals in resource-rich countries such as Australia, Argentina and Chile.
[ad_2]
Source link
