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The government has cancelled the auction of nine critical and strategic mineral blocks, citing poor investor response and lack of qualified bidders. These blocks were put on the block in the seventh round of sale. The development comes as a setback to the government's efforts to ramp up domestic exploration and production of critical minerals that are central to the country's push for energy security, clean-tech manufacturing and cutting down dependence on imports. It also reflects the challenge of drawing private investment into riskier mineral assets, where technical complexities, higher capital costs and regulatory uncertainties tend to dampen bidding interest. The government had cancelled several critical and strategic mineral block auctions in the previous rounds as well -- 11 blocks in the sixth round, five in the fifth, 11 in the fourth, three in the third, 14 in the second and 13 in the first tranche. "Since there were nil bids... the auction process for... two mineral bloc
Two enormous sandlike dunes at an old chemical processing plant in South Africa are at the centre of an exploratory US-backed project to extract highly sought-after rare earth elements from industrial mining waste. The Phalaborwa Rare Earths Project has US support through a USD 50 million equity investment by the government's International Development Finance Corporation and is part of accelerated US efforts to reduce reliance on economic rival China for the minerals crucial for making electronic devices, robotics, defence systems, electric vehicles and other high-tech products. Countries have identified dozens of minerals, including copper, cobalt, lithium and nickel, as critical because they are essential for new technologies. The 17 rare earth elements are a subset of them. President Donald Trump has made expanding US access to critical minerals, including rare earth elements, a central policy to counter China. The Trump administration said this year it will deploy nearly USD 12
India is ramping up domestic production of rare earth permanent magnets, crucial for electronics, space, aerospace, defence and electric vehicles, with the first-ever Samarium Cobalt plant becoming operational in 2023, Union Minister Jitendra Singh said on Wednesday. While admitting that over 80 per cent of these magnets are still imported due to limited domestic capacity, Singh, who is MoS Prime Minister's Office, highlighted significant strides made in the last 10-11 years through high prioritisation by the government. "Our present requirement of rare earth permanent magnet is 4,000 tonnes but by the time we reach 2030 and are able to produce 5,000 tonnes indigenously, our requirement would have gone up to 8,000 tonnes," Singh said. He outlined ambitious targets -- 500 tonnes per annum in the first phase, scaling to 2,000 tonnes by 2028 and 5,000 tonnes by 2030. "Prime Minister Modi himself launched it (the Samarium Cobalt plant)... We have initiated processes and we are in the .