Union Coal and Mines Minister Pralhad Joshi launched the first-ever critical minerals auction process.
Twenty blocks of critical and strategic minerals spread across different parts of the country will be auctioned.
It will also help boost India’s economy, enhance national security and transition to a clean energy future.
The auction will be held online in two stages.
Royalty rates of critical minerals have been rationalized to encourage greater participation in these auctions.
The eligible bidder will be selected based on the highest percentage of the value of the mineral dispatched quoted by them.
Critical minerals fulfil the needs of sectors like renewable energy, defence, agriculture, pharmaceutical, high-tech electronics, telecommunications, transport, etc.
In August 2023, the Government notified 24 minerals as Critical and Strategic minerals.
