Govt to name bidders of first round of strategic mineral blocks on Monday

The government on Monday will declare the names of the bidders who have won the blocks in the first round of critical and strategic mineral blocks auction.

The preferred bidders will be declared during the launch of the fourth round of auction of critical and strategic mineral blocks.

"During the event, preferred bidders of the first tranche launched on November 29, 2023 will be declared," the mines ministry said in a statement.

Union Minister of Coal and Mines G Kishan Reddy and Minister of State for Coal and Mines Satish Chandra Dubey will launch the fourth round of auction of critical and strategic mineral blocks here.

So far, the Centre has launched three tranches of auction of 38 critical and strategic mineral blocks located across 14 States and Union Territories.

The government had earlier cancelled the auction for 13 of the 20 blocks put on sale in the first tranche of critical minerals as the response was lukewarm.

Of the 20 blocks put on offer, 56 physical bids and 56 online bids were received for 18 blocks. Of the 11 cancelled blocks, seven mines have been notified for auction under the third round.

The second round of auction of six blocks was completed as per schedule.

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

In light of the same, Mines and Minerals Development and Regulation (MMDR) Act was amended in 2023, whereunder the Centre was conferred the power to grant mineral concession of 24 critical and strategic minerals.