India's maiden auction for critical minerals turns out to be a dampener

Govt back to drawing board to improve prospects in future rounds, industry expects more support

In June last year, India unveiled its first list of 29 critical minerals open for private sector exploration and mining.

Since then, 38 critical mineral blocks have been auctioned, but only 14 — less than 37 per cent — have found bidders.

This modest achievement was secured only after the Centre conducted a second round of auctions when the first round fell flat, failing to attract the minimum required bidders.

Under the Mineral (Auction) Amendment Rules, 2024, the government can cancel the first-round auction if less than three technically-qualified bidders participate.

For blocks that receive no bids,