Govt eyes putting most critical blocks on auction by 2031: MoS SC Dubey

The government on Friday sought participation and support of the industry for the success of the National Critical Mineral Mission and said that it is aiming to put a maximum number of critical blocks on auction by 2031.

The minister also stressed on the need for the country to become self-reliant in critical minerals and said that it can be possible when both government and industry works as a team.

"I request you all to participate in his mission so that it becomes successful," Satish Chandra Dubey, Minister of State for Coal and Mines said while addressing Ficci's critical minerals mission.

He further said that as many as 24 critical minerals blocks have already been auctioned and the government is aiming to put a maximum number of such blocks on sale by 2031.

"Our aim is to put the maximum number of critical blocks on auction by 2031 and it is not possible without your support," he stressed.

The Union Cabinet, headed by Prime Minister Narendra Modi, last month approved the Rs 16,300-crore National Critical Mineral Mission, envisaging a total outlay of Rs 34,300 crore spread over seven years with an aim to accelerate India's journey towards green energy transition.

Public sector enterprises are expected to contribute Rs 18,000 crore to the National Critical Mineral Mission, which aims at promoting exploration of critical minerals within the country and at offshore locations.

Critical minerals such as copper, lithium, nickel, cobalt and rare earth are essential raw materials required to fuel the growth of rapidly growing clean energy technologies and their expanding uses ranging from wind turbines and electricity networks to electric vehicles and battery manufacturing.

Demand for these minerals is growing with clean energy transitions gathering momentum worldwide.

The government had earlier said that the mission aims to reduce the dependence on import of critical minerals and ensure self-reliance.

The major objectives of this mission are to increase exploration, reduce import dependence, acquire mineral blocks overseas, develop technologies for processing of critical minerals and recycle the minerals.

The National Critical Mineral Mission (NCMM) will encompass all stages of the value chain, including mineral exploration, mining, beneficiation, processing, and recovery from end-of-life products.

The mission will intensify the exploration of critical minerals within the country and in its offshore areas.

It aims to create a fast-track regulatory approval process for critical mineral mining projects. Additionally, the mission will offer financial incentives for critical mineral exploration and promote the recovery of these resources from overburden.