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First-Ever Auction of Critical Mineral Blocks
December 10 , 2023
397 days
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- The process of auction of Critical and strategic Minerals have been initiated by the Central Government for the first time in India.
- The Central Government has amended the MMDR Act, 1957 through the MMDR Amendment Act, 2023.
- Under this, 24 critical and strategic minerals have been inserted in the MMDR Act, 1957.
- Further, the amended Act has also empowered Central Government to auction blocks of these minerals.
- Revenue from auction of these blocks will accrue to the concerned State Governments.
- They are located across Bihar, Chhattisgarh, Gujarat, Jharkhand, Odisha, Tamil Nadu, Uttar Pradesh and Jammu & Kashmir.
- There are two lithium blocks — one in Jammu & Kashmir and the other in Chhattisgarh.
- It is marking for the first time, the rights for mining lithium ore are auctioned to private parties.
- Before commencing operations, the licensee must obtain 15 approvals and clearances, including forest and environmental clearances, Gram Sabha consent, and others.
- As of now, India heavily depends on imports for lithium, nickel, and copper.
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